Do MORTGAGES IN PORTUGAL Better

Obtaining A Mortgage In Portugal

Mortgages in Portugal can be arranged for the acquisition of property, renovation or construction, the mortgage is secured against the land or property here in Portugal. All mortgages are full status and proof of income and outgoings will be required by the lenders. It is also a requirement to open a bank account with the bank providing the mortgage.

How Much Can You Borrow In Portugal?

There are no restrictions on Eu or non-EU residents buying property in Portugal

Non-Resident Status: Maximum loan available is 80% of the loan to value (with no upper limit) with a maximum term of 30 years up to the age of 80 years, (e.g. a 25 year loan is available for a person aged 55 years at the time of purchase).

Resident Status: Maximum loan available is 90% of the loan to value (with no upper limit) with no maximum term up to the age of 80 years (e.g. a 55 year loan is available for a person aged 25 years at the time of purchase).

Mortgage Interest Rates In Portugal

Mortgage rates in Portugal have been dropping consistently since the first quarter of 2014, when they averaged 3.37%. The most recent data shows an average Portuguese mortgage rate of just 1.33%.

Documents needed to apply for a Portuguese mortgage

When preparing to take out a Portuguese mortgage, you may be asked to present the following documents as either originals or certified copies:

• Photo identity
• Current proof of residency
• Proof of income and an accountant’s statement of your financial status
• Documentation of existing rent, mortgage and debt obligations
• Bank statements – last 60 days of incoming and outgoing cash flow
• Proof of deposit – last 60 days to show source of funding
• Property details – purchase commitment or sales contract
• Property details can include a property plan, tax registration showing that property taxes are updated and paid.
• IMPORTANT:  You will need a fiscal number in Portugal NIF and to open a bank account in Portugal.
• Our office will set everything for your arrival so that you can have all needed regarding the purchase itself  by touring the pre-selected listings and at same time to sort all the burocracies and paperwork in just a few days.

Booking the lawyer or notary as you choose
Book Tax office meeting to get the NIF
Bank account opening

What Bank Or Finance Institution Should You Choose?

There are many Banks and companies ready to help you with the Mortgage process in Portugal and you can even start the process today if you plan to visit us soon.
There are not many differences between the banks interest rates but some work better than other, we will prime a selection for your decision,

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