3 bedroom Golf villa property for sale on the Silver Coast - with 100% Finance Available.
Development Property
3 bedroom Golf villa property for sale on the Silver Coast - with 100% Finance Available.
Keys are ready, these villa properties offer an unbeatable opportunity to invest with no deposit required. Ideal for those who want to avoid the need to tie up savings and equity during often long build times for off plan developments. Take possession and start using or renting in the time it takes to complete the conveyance procedures and mortgage application. Limited opportunity to acquire a heavily discounted golfing villa properties in the Silver Coast region of Portugal with a 100% finance and cashback and all costs paid cashback option.
On offer are:
• 3 bedroom, 3 bathroom 185 sq m detached villas with pools
• Short walking distance to the beautiful Obidos Lagoon
• Within 5 minutes of Prai d’El Rey, Bom Successo and the Royal Obidos Golf Resorts
• Bank valuations of €420,000
• 29% discount from bank valuation
• 80% mortgages available (subject to status)
• 100% finance with €20,000 cashback available
• Extra incentives worth €33,000
o No deposit required (apart from €5,000 reservation)
o No property transfer tax (IMT)
o No purchase deed tax
o No mortgage deed tax
o No legal fees
o No notary fees
o No Land Registry fees
o No fiscal representative fees
o No bank set up costs
o No valuation fees
Questions and answers:
Q. How many units are there and do you have any kind of allocation? The development was for 54 units of which there are 7 units remaining. It is expected that more units will become available at the end of Feb 2010
The developer will release more units on other sites once these have been reserved. Check availability to Reserve €1k then €5k completion monies, these are only due once a mortgage offer has been approved. The €5k will then be placed in an independent lawyer’s escrow account prior to completion. This is refunded on completion.
Furniture packs are not included. Packages will cost between €5 – €7k depending on spec.
Q. What's included in the €33k extra incentives?
Property Value €420,000
IMT (Property transfer tax)€23,150
Stamp duty (purchase)€3,360
Stamp duty (80% mortgage)€2,016
Legal fees €1,600
Nororial deed €1,800
Land Registry fee €600
Fiscal representative €500
Total €33,026
% for total costs 7.9%
Q. What's the lending criteria / affordability ratio?
In Portugal they do not use an income multiple, each application is assessed on an individual basis dependant upon unused income, (25% of income available is usual). They will lend up to 80% and up to 30 years (subject to status). This is the maximum (ideal) required. However, certain documents unavailable does not necessarily kill the application. Through the lawyers we have a very strong relationship with the bank who are keen to lend. AIPs within 3 days.
Q.Rental income against monthly costs?
Re rental income, using the internet our findings on 3 different agents resulted with an average of around 3 months with peak season achieving around £850 p.w.
Mortgage interest rates will be around 3%, depending on LTV, term etc. The 1st year can be interest only. Therefore for a mortgage of €336,000 (80%) monthly payments would be around €840.
Q. Who will be looking after case progression?
We are in continual contact with the lawyers and would expect to be responsible for the progression of cases, with or without agent input.
Q. Possible site visits?
We can arrange group or 1 to 1 site visits hosted by us and/or the legal representatives in Portugal.
If you would like to know more about these properties we have available in Portugal, then please feel free to contact us now for more information.