The stress of buying property is magnified when your new home is in a foreign country.

At Premier we recognise this and you will find us willing and able to help you every step of the way.

Our staff members have the skill and contacts to tend to all your fiscal and financial needs through strong and respected relations with many lawyers, surveyors and banks in Lanzarote.

These relations ensure financing your home or business is easier than you imagined. When considering an overseas property purchase it is important to choose the correct bank to be your partner.

And while each bank offers its own variation on a theme, in general each will give you the maximum amount possible as a percentage of the valuation of the property. For residents of the Canary Islands, banks will provide 80 per cent of the necessary finance to secure a home.

If you do not have residency, it is more likely you will be awarded 60 per cent of the valuation. However, often banks will extend that to 80 per cent depending on a good credit rating and sound financial history.

Mortgages can be up to 30 years in duration according to each applicant's age. Similar to Britain and other European countries, banks in the Canary Islands offer a choice of mortgage solutions including a fixed mortgage, variable mortgage or mixed mortgage.

A fixed-rate mortgage has a pre-determined interest rate which will not change during the duration of the mortgage.

A variable mortgage incorporates an agreed rate for the first year and then interest rates will vary according to economic climate thereafter.

A mixed mortgage is a combination of the two, typically with a fixed rate for the first five years and thereafter with a variable rate until the mortgage is paid.

Those wishing to secure a property quickly will often find the banks able to grant mortgages immediately providing all conditions are agreed by both client and bank. Should you be traveling to Lanzarote with a view to a property purchase you are well advised to bring the following documents.

• Passport or Resident's Card
• Proof of income (last two payroll slips)
• Proof of income tax payments (last available income tax return)
• Declaration of assets
• Tax identification code for non-residents (NIE certificate)
• Letter of reference from your bank
• Bank statements dating back six months