How To Buy A Property In Portugal
In this tough financial climate we continue to find ourselves, many are left with their assets floundering in the wind, so to speak! Using Moneycorp to send your down payment (or your entire purchase price if you're paying cash) can also save you dollars up front, as you'll get a better exchange rate from Moneycorp than you'll get from your bank. Fitch expects new gross lending volumes to offset mortgage loan amortisations before 2019, provided that financing conditions for Portuguese banks remain essentially comparable to current ones.
What is true is that the number of banks that still offer mortgages to non residents have been reduces by about half. The Portuguese banks have struggled for funding in recent years and so are only approving very strong cases. Portugal Realty is a leading Portuguese real estate agent specialising in properties for sale in Portugal.
Portuguese banks have strict affordability criteria which means that, including the mortgage you are applying for, the total of all debt service payments you have to make (inculding your UK mortgage and any other personal loans you have in the UK or elsewhere) cannot be more than 35% of your net income.
Receive informed analyses and property offers from the world's residential markets directly to your inbox. A fixed-rate mortgage allows you to budget for future mortgage Portugal Mortgage Rates payments as the monthly cost will remain constant throughout the fixed rate period and you are protected from future increases of the European base rate.
The banks in Portugal usually take into consideration the borrower's financial position and the property's valuation when analyzing mortgage approval. Around 75% of people own their own homes in Portugal, which is 10% higher than the average homeownership rates in the UK or USA.
In its market analysis, Fitch addressed the peripheral eurozone countries which it expects to experience strong increases in gross mortgage credit. We can offer a loan, made in sterling, that lets you buy UK property for the purposes of renting out to a tenant, whether you're based in the UK or overseas.
The application process begins with an initial approach to the bank or mortgage broker for a no-obligation estimate or preliminary analyses. From our experience we have found that dealing directly with the banks is far easier for our clients and our colleagues are able to get the best rates and terms available.
Through our agreements with major national and international banks we are able to secure loans and mortgages for private individuals and businesses below are some of the current mortgages on offer. Portugal has a sophisticated banking system with plenty of choice in local and international banks.
For non-residents who pay their taxes outside Portugal, generally speaking the maximum mortgage amount is 70% of the purchase price (or valuation if lower), but some banks have a maximum amount of 60%. And further growth is predicted, which can only be good news for the Portuguese property market.
