When buying a property in Portugal, it is worth contacting a Portuguese bank with regards to the mortgages available as they can often offer superior rates or conditions than your local bank.
We recommend that you contact an independent mortgage advisor prior to buying a property in Portugal. They can find the best deal for you. There are many companies that provide this service but, as with all matters in life, the quality of service and advice can vary wildly.
Gatehouse International have been selling property in Portugal for over 15 years and we have an excellent local company that provides comprehensive advice on gaining mortgages & financial advice for those wanting to buy a property in Portugal. 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.
When you buy a property in Portugal, you’ll need to gather together some paperwork in readines for your application for a mortgage in Portugal.
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 can be 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 will be pleased to ask a representative to contact you to discuss your mortgage requirements further. You can email us, or call on our UK number 01480 477773. This will divert free of charge to our office in the Algarve.
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