If you are considering using a Mortgage to purchase an apartment, town house or Villa in Portugal, Portuguese Mortgages can be obtianed for purchasing a property in Portugal with interest rates from approx 4.70% in Euros, for the puchase of Portuguese Residential Property.
If you are looking at options for purchasing a property in Portugal, Portuguese Mortgages are available for the majority of Nationalities for either House Purchase or re-financing for other purposes including Home Improvements.
Portuguese Mortgage are available on a Repayment or Interest only basis.
Minimum advance is £ 20,000 with no Maximum, but it must not exceed 80% of the valuation of the apartment, town house or Villa
Proof of Income is required in the majority of cases (this can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available). Non-Status or self certifcation mortgages are currently not available, however minimum documentation lending schemes for Self-Employed applicants are now being considered on an individual basis.
Term: can be from 5 to 30 years and possibly up to the age 80
Currency, Euros and all other Major Currencies
Current Variable Interest Rate: from approx 1.50% above LIBOR on a Variable Rate basis in Sterling or from approx 0.60% above EURIBOR in Euros
Typical Portuguese Mortgage for the purcase of an apartment, town house or Villa in Portugal in Euros would be a Repayment mortgage of approx €100,000 over a period of 25 years at an interest rate of approx. 4.70% = approx €574.00 capital and interest per month = a total approximate amount payable over the term of €175,060 including capital, interest, arrangement and survey fees.
If you would like to an Independant advisor about using a mortgage to purchase a property in Portugal Enquire
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