Mortgages Portugal

Mortgages Portugal
Applying for a mortgage can seem like a daunting task regardless of location. Ideal Homes Mortgages was founded on the very premise of making buying property an enjoyable experience. Our primary service is to assist clients with property financing and mortgage brokerage with the best financing partners in the industry. We guide our clients through all the necessary requirements when applying for a property loan and work to ensure the most competitive interest rates and condition for their property financing.
  

Qualification Process

Whether an investor is purchasing a holiday home, permanent residence or rental investment, we advise going through a “pre-qualification process”. This entails the possibility of approval, understanding of budget and repayment expectations,  applicable terms and possible interest rate. This is not a loan guarantee, but rather a guide for the client to understand the process and expectations should a loan be approved.
 

Documentation

Portugal has a very transparent property purchasing and mortgage system, to ensure this there are strict document requirements. We advise clients have all of their personal and financial documentation in order.
  
General Documents:
  • Passport
  • Proof of address 
  • Credit report
  • Bank statements
  • Savings account statements
  • Valuations of investment portfolios
Employed clients:
  • Pay slips, last 3-6 months
  • Last tax submission
  • Employer's reference
Self employed clients:
  • Profit & Loss, 1-3 years
  • Last company tax return
  • Last personal tax return
  • Business bank statements, last 3 months
*A national Portuguese tax number will be required, assistance to obtain can be provided if needed.  
 

Property Financing Considerations

  • Loan amount must not exceed 80% of the mortgage valuation or purchase price (whichever is lower). 
  • Clarity on repayments, how long will repayments take
  • Residency or non residency status
  • Special residency programs, Golden Visa, Serphradic Jewish Ancestry
  • Lending criteria - rural/rustica property or farmhouse properties are unlikely to be accepted

Bank Repossessions

Excellent investments can be found for personal use or pure rental investment through bank repossessions. Banks are currently offering up to 90% financing with interest rates as low as 1%, some of these fixed for extended periods. These considerations are extended dependant on individual circumstances.
 

Free Mortgage & Property Consultation

Ideal Mortgages, being part of Ideal Homes, provides a full suite of services from tailored viewing trips, to help you find your perfect home, all the way through to getting the lights turned on, and your home furnished after purchase. We also manage the property for you in your absence, and our rentals division will manage your property marketing and bookings, so you can enjoy your property investment abroad with peace of mind.
 
Still looking or found your ideal property, and interested in a free consultation to start charting your journey of investing real estate abroad? Its our pleasure to help guide and ensure you have the information you need to feel confident and secure in your investment decision today and in the future. Simply get in touch to have a chat.