Mortgages and financial advice in Portugal
When buying a property in Portugal, it is worth contacting a Portuguese bank with regards to mortgages available as they can often offer superior rates or conditions than that offered by your current bank.
We recommend that you contact an independent mortgage adviser in order that they can establish your particular requirements and find the best deal for you. We currently recommend such a company here who are based in Almancil although they are happy to meet you in any area of the Algarve. They do not charge a fee for their services and by contacting them you will not have to navigate your way around the banking system if you have limited Portuguese. They work independently and are able to offer a great range of mortgage and investment products through a number of well known financial institutions here in Portugal. As well as mortgage advice, they are able to offer a range of services such as investment advice, home, car and life insurance and foreign exchange transfers.
General documentation required to apply for a mortgage in Portugal is listed below.
• Portuguese tax number (the company can arrange this for a small fee)
• Copy of ID card or passport
• Last 6 months of bank statements (current and savings)
• Birth certificate
• Last years tax return (P60)
Further documentation will be required with regards to your current employment status. Mortgages for non residents are offered up to 80% loan to value. The borrowing level is based on the house valuation and not the purchase price.
Please contact us if you would like more information and we would be pleased to ask a representative to contact you to discuss your requirements further. You can email us on gatehouse@sapo.pt or call on our UK number +44 208 123 1880. This will divert free of charge to our office in the Algarve.
