Portugal & Portuguese Mortgages Information: Mortgage

Portuguese Mortgages

Imagine you're in Portugal needing an Portuguese Mortgage to buy your portugual property , exploring the beautiful country, wounderful hotels and vistas in seaside settings. Now, you can treat your senses to the delights of Portugal, not just for 2 weeks but for as long as you like. Explore diverse regions and uncover Italy's best-kept secrets, it's Portugal mortgage rates. Find the hottest property areas around. Visit a genuine Portuguese market and treat yourself to localspecialties. Marvel at the white sands and wide spacial views. Dine at an authentic local restaurant and sample fine wines. You may even find your dream home or holiday hideaway using our online Portuguese property site. But what about the reality of living in Italy and how to buy property in Portugal...

Buying Portuguese Property: Portuguese Mortgages

The Portuguese Mortgage system is very different to that of the UK and the US. Lenders require far more supporting documents and the lending criteria is based on affordability. Each case is viewed individually and each Portugal bank or lender has slightly different requirements. We help to bring all these lenders together within a panel to ensure we match the right lender with you. It is important that you take advice before committing to any purchase. Feel free to complete the Portuguese mortgage form to receive advice from a qualified Portuguese Mortgage adviser.

Call us if you would like our help - 44+ 0870 350 8595.

Financing this type of project can be difficult, please contact us before you commit to buying your property.

The Mortgage Criteria

Market leading interest rate From: Euribor (6 Months) + 0.75% (30yrs +1%)

Minimum Loan for purchases: 100,000 (lower amounts will be considered for remortgages and home improvements)

Maximum LTV 80% of purchase or valuation (whichever is the lower)

Maximum Term : 30 years (mortgage to be paid by 70^th birthday)

A property must be identified prior to application

Applications considered from private individuals only (maximum 2 per application)

Off-Plan and Self-Build applications welscome

Capital and interests payments payable monthly

Mortgage assessed on 3x sole or joint UK gross income (evidence needed) less outstanding UK mortgage balance

Arrangements fee: 0.6% + VAT 19%, deducted from loan. (minimum of 600) Valuation Fee: 300 Euros.

Valuation fee: 357 (inclusive of 19% VAT) is payable on submission of application

Early Redemption Charges : Nil for partial redemptions less than 50% of the outstanding balance and 3.5% will be charged for 50%+ redemptions

A current account must be opened at local Barclays branch in Portugal prior to completion of mortgage

Property Insurance must be obtained and can be arranged locally via the lender

Unacceptable properties include commercial properties and rustic properties in rural/agricultural areas

Home improvements and loans which involve stage payments are considered on a case-by-case basis and product will vary.

* Example: TAE (APR) 5.5% calculated for a 20 year period mortgage loan of 125.000 and interest rate of 3,5% under Decree Law 220/94 23 August, including home insurance, documentation and valuation fees ( March 2008).