Portugal Joins The Measures Taken By Italy France And Spain When It Comes To Mortgage

Since interest rates are low, financing the purchase of a property through a national bank loan could be an interesting option, especially because since 2010, Portuguese banks have not been lending as much as they are now. Remortgaging the UK properties is an attractive option available to consumers in need of finances for making a purchase at Portugal. Fixed rates are usually higher than variable rates. The minimum qualifying age for Home Reversions are therefore higher than for Lifetime Mortgages.

There are no restrictions on non-EU residents buying property in Portugal, and the government does what it can to encourage foreign property investment. Think of it this way - You want a loan, so you go to the bank and they want to know the value of your assets, in order to determine your financial situation at the time you want the loan.

Available up to 60% of the property purchase price with rates from Euribor + 2.1%. In Portugal, they can account for up to 10% of the property price, so you need to ensure you can handle those as well as the Renting out A Property in Portugal required deposit out of your cash reserves. For example, global banking giant Santander has a Portuguese operation, offering many of the same accounts and deals that you can get elsewhere in the world.

Where a bank may offer rates as high as Euribor + 4.5% if you go direct, we can achieve Euribor + 1.9 - 2.5%. Realising a huge saving amounting to various thousands over the term of the mortgage. Before offering you a loan, mortgage providers in Portugal will review your financial situation.

We can provide fantastic deals on Mortgages for Portugal no matter what your age. There is also a likelihood that going direct to a Portuguese mortgage lender for your overseas property will mean having to take the bank's own or recommended home and life insurance, which could heap on additional costs.

Barclays, for instance, lends for Portuguese properties as well as to purchasers of property in France, Spain and Italy. With so many developers offering new and off-plan property, single houses sell far less quickly and those interested in second hand homes are usually bargain hunting at the lower end of the market.

Before you begin the process of applying for mortgage in Portugal it's advisable to seek the advice of a mortgage broker who can offer an initial no-obligation assessment of whether it's likely you'll be approved for Portuguese mortgage and under what conditions.

The evolution in loans to customers reflects mainly the performance of the activity in Portugal, which decreased 2.5% from 30 September 2009, influenced by the drop in loans to companies, despite de rise in loans to individuals, supported by the growth of 1.9% in mortgage loans.

However, the agency expects the growth rate of new bank lending for housing to soften in 2018 and 2019 compared to the past two years," mainly due to expected smoother GDP growth and persistent restriction to the accessibility of first home purchases.