The Portugal Property Shop can you help you find a safe, sensible solution for your overseas property purchase. We specialise in sourcing the best finance options for overseas property purchases and will find the best solution for your investment criteria.
Residential mortgages are offered by all the major Portuguese lenders to private individuals purchasing a property. The banks offer loan terms of up to 30 years for non-residents. They will lend up to a maximum age of 75 (e.g. if you are 55 then you could get a mortgage term of 20 years).
The maximum borrowing varies from 60 - 80% of the acquisition price/valuation price, depending on the lender. Although, it is possible to borrow up to 100% on selected developments. Residential mortgages are normally available on a variable rate or fixed rate basis depending on the lender.
Early redemption penalties for a variable rate mortgage start at 0.50%. If you are on a fixed rate, then redemption is normally 2.0% during the fixed rate period and 0.5% thereafter. We have specialist mortgage brokers within our company who will help you through the entire mortgage process, as it can be very different to the mortgage process in your own country.
We have excellent relationships with all the lending institutions in Portugal and endeavour to find the best product for your needs.
To qualify for a mortgage in Portugal, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This begins when you complete our viewing trip form and we do not charge you for this service.