Find out on our first article.
Are the banks in Portugal lending to non-residents?
We have been assisting foreign property buyers with their mortgage requirement for 20 years and the answer to the question is definitely yes!
Over the years we have assisted property buyers from all over the world – mainly European, British, Swiss, American and Canadian nationals but we have helped clients that are based in the Middle East, Singapore, Australia, South Africa, Vietnam, Bahamas – just to name a few.
The Portuguese banks would typically lend up to 70 – 80% to international property buyers.
What mortgage products are available for the second home buyers that reside outside of Portugal?
Capital and interest repayment mortgages still remain the dominant product being offered as well as variable and fixed rate mortgages. It’s fair to say that ‘Interest only’ mortgages remain as a distant memory which may make a come back in a few years time….
Eligibility for a mortgage is another important question, it’s all good and well having some banks that offer mortgage products but what’s the point if the criteria for an approval seems unachievable?
This is one area where a good mortgage broker will earn their keep…. Every bank has it’s own pet likes and dislikes for an application i.e some banks will not accept single applications and others do not liked self employed applications and the list goes on and on……The financial fact find that we conduct is the key to unlocking this dilemma and filtering out the lenders that just would not even entertain your application or worse yet just leave it in their ‘in tray’ for a good few months!!!
If you wish to receive any specific information about mortgages in Portugal or would like to receive a proposal, please do not hesitate to contact us and we’ll be glad to try and help.