Mortgages And Loans Portugal
Just about all of the Portuguese banks will lend to non-residents of Portugal now what differs is the products they provide. You may be interested to know that many of the world's leading banking institutions have offshore and international arms and that because of their global presence the likes of HSBC and HBOS for example all offer international mortgages and specific mortgages and home finance solutions in various countries.
If you own a plot of land in Portugal or wish to renovate your existing property, we will assist you in obtaining the best possible conditions of a construction loan. Most Portuguese lenders offer different types of mortgage repayment options on either a fixed or a variable interest rate.
With interest rates in Portugal as low as 1.75 per cent plus Euribor (which is currently negative, so the effective is rate 1.584 per cent ) or around the 3 per cent mark for fixed rate mortgages, borrowing in Portugal, in comparison to refinancing property in the UK for example, is currently very cheap.
As a result, property prices are still low compared to other areas of Portugal. All signs point to the current scenario continuing as is. In the latest survey of banks acting on the credit market, financial institutions predicted a slight increase in household demand for credit in the current quarter.
Most banks finance 100% of the construction cost and the funds will be released in various stages throughout the building process. The interest rates of a Portuguese variable rate mortgage are linked to either the three or six month European Central Bank - Euribor - rate and increased by the margin (profit) that the bank applies.
Mortgage advisors who know and understand the Portuguese mortgage market can often negotiate better deals and products compared to going straight to the high street banks. Caixa Central - Caixa Central de Crédito Agrícola Mútuo, CRL was founded in 1984 to become the financial head of Crédito Agrícola Group, a Portuguese cooperative banking group.
Despite much economic uncertainty in recent years, not to mention an unstable housing market, all the major Portuguese lenders continue to provide mortgages to suitable individuals, including overseas nationals, purchasing property in Portugal. The amount of housing loans that were granted this year is the highest since the beginning of the financial crisis.
Tax Angels is an independent and experienced financial consultancy company that provides free mortgage services to non-residents in Portugal. Openwork Limited offers insurance and investment advice on products from a limited number of product providers and advice on mortgages representative of the whole of the market.
Quinta Finance mortgage advisors are UK qualified and through their well established relationships with all the major Portuguese lenders Getting a mortgage in Portugal as a foreigner they are able to assist you in sourcing the best available mortgage offer and help you navigate your way through the mortgage process.
If you're thinking of buying a property in Portugal, the price you pay will be influenced significantly by where you want to live. Our solution: a 20-year mortgage with a 15 year fixed rate period. Buying property in Portugal with a Portuguese mortgage from a Portuguese mortgage lender has a number of fantastic benefits.
Portuguese mortgages are also subject to strict affordability criteria. This allows for clients to opt for a 1- 15 year fixed rate product which then reverts to variable rates repayments thereafter. You may also find that certain types of property aren't easy to find mortgages for.
