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Residents
We have mortgage schemes available for Portuguese Residents up to 90% loan to value, or in some cases 100%. Levels of borrowing are always based on the house valuation rather than the purchase price.
The mortgage can never be higher than the declared purchase price, but in certain cases a separate loan could be made available.
Non - residents
The non-resident mortgage schemes available are up to 80% loan to value. Levels of borrowing are always based on the house valuation and not on the purchase price, and the mortgage can never be higher than the declared purchase price.
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Basic steps involved in all mortgage applications
Calculate your budget and the amount you need to borrow. There will always be additional costs over and above the purchase price when buying property. These include legal fees and taxes, property registration fees, valuation fees and loan application fees. Allow at least 10% for costs over and above the purchase price - this means if your property is going to cost 200,000 your actual cost will be at least 220,000. You will also need to make an allowance for furnishing your new property or transporting existing furniture.
The major factors that will determine whether you qualify for a mortgage, are:
• Your financial strength - based on your income, employment history, debts and credit history.
• The property value - assessed by an independent surveyor. |
