International Buyers Portuguese Euro Mortgages
Anglo Portuguese Mortgages website is owned by Corporate and Commercial Finance (Anglo Portuguese) Ltd with over 25 years' experience in the Portuguese non-resident lending industry and seen by many as a pioneer in the market place. Simon Conn is an Introducer Appointed Representative of Cherry Mortgage & Finance Limited which is authorised and regulated by the Financial Conduct Authority under number 730706 in respect of UK mortgage, insurance and consumer credit related activities only.
They are influential in determining the interest rates that have to be paid by governments and companies. Markets also offer investors various sophisticated 'financial instruments'. In many cases leaving this until you've found a property leads to disappointment from either losing the property due to the time to be approved, or not receiving the funding level needed to fulfill the purchase.
The maximum borrowing amount is up to 70% of the property purchase price (or valuation if lower). If you are looking for a mortgage to finance your property in Portugal, you can request a free brochure from Barclays. This is the most common way to finance the purchase of a property in Portugal.
8. Energy Rating Certificate: As of 1 January 2009 before buying property in Portugal you must be shown a valid energy rating certificate which grades properties Algarve Property Management and Rentals from A-G, A being the most environmentally friendly. Loan with fixed Nominal Annual Percentage Rate of 2.500%, in the first 25 years, in force in April 2020.
Don't forget that Portugal has a tax called IMT which is similar to the Stamp Duty Tax in the UK. Add approximately 7% to 8% to the purchase price to give you an indication of what you might expect to pay IN TOTAL, including legal fees, transfer fees and taxes.
Careful due diligence will allow you to gain a good idea of how much you can afford to pay to purchase your Portuguese property and can work the monthly payments. Failure to sort out the financial side of your Portuguese property purchase until the end may also leave you in a bit of a muddle and with a less attractive mortgage deal at a higher borrowing rate.
The Portuguese, particularly at the higher end of the market, have for many years considered the option of purchasing a property through a lease purchase scheme provided by the major banks. The banks charge administration fees, normally up to €1,000 and if it is a company loan, there are additional legal bank fees.
Mortgage rates in Portugal have been dropping consistently since the first quarter of 2014, when they averaged 3.37%. The BPI Mortgage Loan Solutions offer several variable and fixed rate options. You should also know that the maximum loan-to-value mortgage in Portugal for non-residents is between 60% to 70% of the purchase price.
This is complicated by the fact that banks lending in Portugal do not always offer the same conditions to clients, even if they have similar profiles. A better option is to use a mortgage broker, who is used to dealing with this type of transaction, knows exactly which banks and branches to ask, and can probably secure you a better rate.
