Guide To Buying In Portugal

If you're buying a property in Portugal , you may be fortunate enough to have found a cheap rural property which you can buy cash down, or you may have funds from sale of a property or business, or an inheritance which you can use to purchase a property without requiring finance. 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 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.

Caixa Imobiliário is a company from CGD Group operating in real estate's marketing, has a wide portfolio of properties whether for sale or lease, with competitive prices and financial conditions. The proportion of housing loans overdue for more than 30 days, as defined by the rules of the Bank of Portugal, decreased to 5.0%-5.5% in 2017, compared with the average of 6.5% in 2014- 2016.

Portuguese banks are still offering loans but the spread" (which is what the bank charges its customers over and above the rate at which they lend to each other) has become very high and the credit checks and lending criteria have changed as well. Lending criteria - this usually depends on your financial position which is determined by your current income earnings, debts and employment history.

Fixed-rate mortgages are available from some lenders and the fixed-rate period can range from one to 30 years. Holiday home mortgages are available for private non-resident property buyers, who are not Portuguese residents. Fixed rate mortgages can be a great way to plan ahead or work to a budget.

Those who owed banks money on the repayment of credit and had suffered a 20% loss in their income were given legal notice by banks to postpone their rental payments and the loans that they owed to the banks. Many people purchasing property in Portugal will look to finance their purchases partly with a Portuguese mortgage.

You can go directly to lenders in Portugal, but each one has different criteria and you may not necessarily be offered the most suitable loan, or the best deal available. Rules that prohibit banks from advancing loans that require 50% of more of a person's income to service, come into force on July 1st.

This liquidity support will be available to Portuguese companies in the coming days, and includes a grace period until the end of the year and the possibility of repaying the loan in a term of up to four years. All Portuguese mortgages are full status and proof of income and outgoings will be required.

Having as goal the finding of advantageous solutions that make the purchase of a house at a time when access to bank credit is strongly limited, we sign partnerships with the main bank institutions so as to offer excellent business opportunities to all our clients.

Stamp Duty is charged at a fixed rate of 0,8%, whereas Purchase Transfer Tax for villas and apartments is charged according to a sliding scale Holiday Rentals in the Algarve that is altered each year, varying between 1% and 8% (e.g. 6% over €550.836 for non-permanent habitation) of the declared value of the sale.