Mortgage Borrowing Levels For Portugal

Non resident Portuguese mortgage loans are available up to 80% of the property valuation, but not more than 100% of the declared property purchase price. When calculating your budget for what funds will be needed clients should note there will be additional costs over and above the purchase price. These are made up of (IMT) tax, legal fees, property registration fees, stamp duty and loan application fees to the Portuguese bank. As a rule of thumb between 7% - 10% of the actual purchase price should be allowed to cover your purchasing costs. All clients are advised to obtain an accurate breakdown of purchasing costs from their legal representative.

To determine a client’s suitability for a Portuguese mortgage loan banks will look at several aspects

1. Income
2. Employment history
3. Current debts

Please note that all the mortgage lenders in Portugal have different ways and methods when assessing a clients risk so bad credit history, CCJ’s or recently employed clients may not be looked upon favorably with one lender, while other’s will see things differently.

As Portugal mortgage finder use the whole Portuguese market place we feel our clients should have confidence in us obtaining them the right product best suited to their individual needs.