How To Get A Mortgage In Portugal

Quinta Finance has established itself as the leading mortgage brokerage service in Portugal that offers professional mortgage advice for non-resident property buyers; our aim is to help you throughout every step of the process until completion. Our solution: a mortgage of 375.000 € on the property plus a Lombard loan of 100.000 € on their pension pot. In Portugal the vast majority of mortgages are variable rate, however, fixed rates are becoming more popular. Choose from a range of UK mortgages with the on-going support of our mortgage advisers, who'll support you through the process of buying a property.

If the valuation is at least the agreed purchase price and there are no legal issues relating to the property, the date and details regarding completion of the property purchase will be confirmed. The European Central Bank (ECB) set the rate of the Euro mortgages to a value that is at present lesser than the Bank of England base rate.

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.

Mortgages in Portugal are available over periods of between 5-30 years. Central Banks have the legal right to create money with which to buy bonds from their governments and others at an interest rate or Bank Rate of their choosing. Investment mortgages are for those property buyers planning to rent out their property after purchase.

There was a period of time some years ago when the banks would offer better packages for their own properties, obtained via repossession. But according to a report in the Guardian some month's ago, Britain "Northern Eurozone" has 1 Billion pounds in unsecured credit card cards dept this is 1 Billion in unsecured loans.

The Bank of Portugal recommends a maximum of 40 years as a limit for mortgages and remortgages with consumer credit limited to ten years. For example, The Halifax will provide mortgages on properties in Spain and Barclays will lend on properties in most of the mature European countries like France and Spain and Italy.

We speak Portuguese and are very aligned with the local banks and other stakeholders and know the mortgage process inside and out. If a mortgage is denominated in a currency other than your home currency, there is a risk that changes in the exchange rate may increase the equivalent value of the debt in terms of your home currency.

Fundamentally, Euribor is a Euro system interbank lending rate determined by the key interest rate (on main refinancing operations) set by the European Central Bank (ECB). For customers applying from abroad, HSBC offers mortgages in the following countries and regions: UK, US, Canada, France, Australia, HKSAR, Malaysia, Singapore, India and UAE.

Portugal will see the biggest increase (40%), but the stock of mortgage credit will fall until 2019 (at least) with repayments occurring until then more than compensating for the number of Overseas property for sale new loans. There are a number of necessary documents required for applying for a loan in Portugal, including bank statements, ID, a Portuguese tax number and property details among others.

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.

Then once the property was completed, the bank offered a loan of 450.000€ for a 25 year period. Capital gains tax for non-residents is charged at a flat rate of 28% and is payable at the time of sale. You'll also find that, depending on the lender, there are loans available at both variable and fixed rates.