The Property Sales Completion Process In Portugal Explained

With such a range of mortgage products available, we can help you to choose the best product to suit your individual circumstances whether that be a repayment, variable rate, fixed rate or hybrid mortgage. The banks in Portugal usually take into consideration the borrower's financial position and the property's valuation when analyzing mortgage approval. Around 75% of people own their own homes in Portugal, which is 10% higher than the average homeownership rates in the UK or USA.

Since 2006 Mortgage Direct have been liaising with banks, estate agents and international property buyers in SpainвЂs ever-changing mortgage market. For non-residents, rental income is taxed at a flat rate of 28%. Unless you speak Portuguese fluently, it's advisable to use a mortgage broker who knows the Portuguese mortgage system as not all the banks have fluent English-speakers.

The process is very simple and we will personally introduce you to a bilingual representative of the bank or financial institution. The interest rates on these sub-prime mortgages were in fact higher than banks and investment houses could earn elsewhere, so they were all eager to make the loans or to buy the mortgages from original lenders in order to increase their profits.

Most banks will not offer a mortgage to individuals 70 years or more, but some will extend this limit to 80 years. It's possible to get a mortgage in Portugal as a retiree in your own name providing you receive a regular pension income. On condition that all apposite certifications are presented, any tax on inheritance (referred to as Stamp Tax in Portugal) need not be paid when a property is bequeathed to a close family member.

First-time Buyers accessibility is expected to decline over the next two years, as house prices grow faster than the daily household income available to these borrowers," Fitch predicts. To purchase a property in Portugal you will need a Portuguese fiscal number - obtainable through your Lawyer.

Through our agreements with major national and international banks we are able to secure loans and mortgages for private individuals and businesses below are some of the current mortgages on offer. Portugal has a sophisticated banking system with plenty of choice in local and international banks.

We work with many Portuguese banks to offer you the best customer service both at home and abroad to keep your financial monitoring as simple as possible. is an information website Selling a property in Portugal - all of our content is written by qualified advisors from the front line, for the sole purpose of offering great, relevant, and up to date information on all things mortgages.

Interest rate - the rate used for home loans in Portugal is Euribor after which the bank applies its margins. Even college graduates just entering the workforce thought nothing of starting out with thousands in credit card debt and an average of $24,000 in student loans.

If you have already found the property you want to buy, we will issue a loan offer once your loan application has been approved, and then start the financing process. The most recent data shows an average Portuguese mortgage rate of just 1.33%. Interest-only deals are rare, so most mortgages are on a repayment basis, and the maximum term of any mortgage is 35 years, but this varies depending on the type of loan.

Some lenders are willing to offer 100% loan-to-value (LTV) mortgages in an effort to shift repossessed properties on their books. Banks do not always offer the same conditions to clients, even if they have similar profiles. If developers continue to build at existing rates and Bulgarians continue to leave at existing rates, some predict many thousands of empty apartments in five years time.