TARA is able to refer you to selected banks for mortgage advice so you can ensure you will be paying the most competitive rate. You can rely on our proven experience in the real estate and mortgage business, to help find a solution that best suits your needs and avoids unnecessary costs.

TARA selected banks have local knowledge; have multilingual staff and resources necessary to help you with the purchase of your property.

With our help at TARA real estate and the Bank you will be guided through the purchase of your property on Lanzarote with clear helpful advice. The banks that TARA will recommend to you can respond to your mortgage within 24 hours if all the documentation is provided and the application is correct so that you will know exactly your position.

To save time on your Mortgage application TARA Recommend that you bring with you the following information to the bank:

Mortgage Application Documentation
• Your passports or Spanish residence cards
• Last two payrolls
• Last available income tax return
• Payments on account of income take for the current year (self employed)
• Justification of other income, if applicable

The Lanzarote banks recommended by TARA will have branches specially designed to offer its customer’s maximum convenience. Mortgages are offered by the banks at competitive rates, both in EUROS and other major foreign currencies with varied repayment terms to suit your requirements. The bank can provide a clear and simple summary of all details related to the purchase and financing your home here in Lanzarote.

Outlined below are the normal criteria for the various types of mortgage:

Fixed Rate Mortgage
• Maxium Amount
- 70% of the sale purchase price or valuation price, which ever is the lowest
• Maxium Term
- 15 years
• Monthly Payment
- Constant repayments throughout the term of the loan
• Compulsory Insurance
- Fire insurance
• Early Repayment Fee
- 4% on the repaid capital

The main difference with respect to fixed term mortgages is that the payments can go up and down because the interest rate is subject to annual revision according to the current rates. This type of mortgage allows you to enjoy a lower interest rate during the first year and more favorable condition if you want to make a lump sum capital repayment.

The bank can assist in currency exchange, setting up a bank account, information for investment purposes. Anything money related to ensure you encounters minimum hassle through out the transaction

Variable Rate Mortgage
• Maxium Amount
- 70% of the sale purchase price or valuation price, which ever is the lowest
• Maxium Term
- 15 years
• Interest Rate
- First year according to conditions in force, following years according to EURIBOR*
• Monthly Payment
- Constant repayments subject to annual revision according to the revision in the base rate
• Compulsory Insurance
- Fire insurance
• Early Repayment Fee
- 1% on the repaid capital

**European Interbank Offered Rate

Other services offered by TARA´S selected banks are:

• Personal loans: for home improvement, new kitchens etc.
• Insurance: TARA believe in protecting the things you value with Home protection Plan and Life assurance.
• Banks that are online: To cater for Tara’s clients the banks provide a 24 online and telebanking service in your language. These services allow you to enquire your account, make transfers, credit card checks and even check share price.
• Foreign currency deposits
• Investment funds
• Flexibility

Table of monthly repayments for each €10,000 borrowed

You can count on our expert advice at TARA as your estate agent to guide you and help you make the right decision when you decide to invest.