Cape Verde

At a glance:

	Mortgage	Refinance	Equity Release	Buy to Let
Maximum Loan to value	75%	60%	N/A	N/A
Maximum Interest only period	5	0	N/A	N/A
Maximum Term	25 years	25 years	N/A	N/A
Maximum Age on completion	65	70	N/A	N/A
Average interest rates	6.1%	6.1%	N/A	N/A
Average monthly price per thousand	6.52	6.52	N/A	N/A

Process:

Mortgages in Cape Verde are relatively new, with little domestic demand. Due to the Portuguese influence in the market, competition is growing, but as yet the market is still only emerging.

Approximate timelines (weekends not included):

1.	Approval in principle	Instant
2.	Final licences	Day 1
3.	Property registration details	Day (off plan apps possible)
4.	Application (receipt of documents)	Day 1
5.	Power of attorney	Day 1
6.	Confirmation of approval in principle	Day 5
7.	Valuation	Day 10
8.	Formal offer	Day 17
9.	Arrange signing	Day 22
10.	Signing	Day 26
11.	Transfer of deeds	Day 26
12.	Payment to developer	Day 26
13.	Agency of service	Day 27
14.	First mortgage payment	Day 26
15.	Commission received	Day 51

Costs:

For guidance purposes, as costs vary from lender to lender:

Cost	Amount	Payable
Broker fees	800	Up front (refundable)
Application / bank fees	200	Up front
Valuation fee	500	Up front  (refundable)
Opening commissions	1.5% of loan amount	On signing
Registry / Notary fees	1% of purchase price	On signing
Agency of Service	120	Annually on signing date

Currencies:

Cape Verdean Mortgages are available currently in Euros.