|
At a glance:
|
Mortgage
|
Refinance
|
Equity Release
|
Buy to Let
|
| Maximum Loan to value |
80%
|
70%
|
40%
|
N/A
|
| Maximum Interest only period |
5 years
|
2 years
|
0
|
N/A
|
| Maximum Term |
30 years
|
30 years
|
30 years
|
N/A
|
| Maximum Age on completion |
80
|
80
|
70
|
N/A
|
| Average interest rates |
3.7%
|
3.7%
|
3.7%
|
N/A
|
| Average monthly price per thousand |
4.10
|
4.10
|
4.10
|
N/A
|
Process:
Portuguese banks are among the most competitive in Europe and offer very favorable interest rates and loan to value ratios. Approvals are only issued after the habitation licence, which may occasionally be delayed in the town hall, but generally the process should take no more than 6 weeks.
Approximate timelines (weekends not included):
| 1. |
Approval in principle |
Instant |
| 2. |
Final licences |
Day 1 |
| 3. |
Property registration details |
Day 1 |
| 4. |
Application (receipt of documents) |
Day 1 |
| 5. |
Power of attorney |
Day 1 |
| 6. |
Confirmation of approval in principle |
Day 3 |
| 7. |
Valuation |
Day 6 |
| 8. |
Formal offer |
Day 10 |
| 9. |
Arrange signing |
Day 15 |
| 10. |
Signing |
Day 20 |
| 11. |
Transfer of deeds |
Day 20 |
| 12. |
Payment to developer |
Day 20 |
| 13. |
Agency of service |
Day 20
|
| 14. |
First mortgage payment |
Day 21 |
| 15. |
Commission received |
Day 41 |
Costs:
For guidance purposes, as costs vary from lender to lender:
|
Cost
|
Amount
|
Payable
|
| Broker fees |
500 |
Up front (refundable) |
| Valuation fee |
200 |
On approval
|
| Opening commissions |
N/A |
N/A |
| Registry / Notary fees |
0.75% of purchase price |
On signing |
| Agency of Service |
120 |
Annually on signing date |
Currencies:
Portuguese mortgages are available in Euros.
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|
+353 901 4604
