How Did We Get Here
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.
Persons who are not residents of Portugal need to pay taxes only on income earned at that country, for instance, interest paid on deposits or savings in Portuguese banks. A couple of banks in France say they'll do mortgages for nonresidents, but the requirements are so strict that precious few non-France residents would qualify.
Allows peace of mind that your loan will be fully repaid at the end of your chosen term, equal repayments throughout life of the loan (subject to Base Rate changes), maximum Term 25 years, loan to be repaid by the age of 75, and ability to make overpayments.
The process is fairly straight forward, all the paper work much be collated and submitted to the bank(s), including the property documentation. Overseas Mortgages Portugal Golden Visa (go to these guys) are not regulated by the Financial Conduct Authority, nor are they protected by the Financial Ombudsman Service or Financial Services Compensation Scheme.
The Bank will satisfy itself that an applicant is in a financial position to be able to meet the conditions of the loan which will be based on affordability". Currently the Banks affordability criteria is calculated on 30% of the client's income (total earnings after tax must service the new borrowing and any existing borrowing elsewhere).
Some may require larger deposits of up to 40% whilst others will require your income to be sufficient enough that you are able to afford your Portuguese BTL mortgage without rental income, should you be unable to find tenants. The total level of housing loans is increasing in Portugal, and this year alone banks have granted almost six billion euros in mortgages.
Both residents and non-residents can apply for a mortgage from Portuguese banks. Most mortgages can be arranged with terms of 25 years (for non-residents) and 30 years (for residents), usually up to a maximum age of 75. For non-residents, some banks have a maximum 20-year term.
According to a report from the Royal Institutional of Chartered Surveyors (RICS) on the outlook for Europe's real estate markets, Portugal is, in fact, one of the economies leading the euro area recovery with sales and prices expected to continue rising at a steady pace over the medium term.
With this type of loan, your monthly payment fluctuates depending on the indexer (the index that is normally used in housing loans is EURIBOR ). Over the repayment period, the monthly payments are usually revised every six months based on Euribor rates.
