MortgagEs in PORTUGAL
Different options for a Mortgage
If of interested, you can apply for a mortgage in Portugal. If you plan to do so, ensure that you start this process in early stage of your property search. Both Portuguese citizens and foreigners can request a mortgage loan in Portugal.
There are various mortgage options available:
- Acquisition loan; When you are buying your dream home in Portugal you can request an acquisition loan for the purchase of a residency home or a holiday home. It is also possible to request a loan for off-plan properties.
- First time buyer loan: Since August 2024 special conditions are in place for first time buyers under the age of 35.
- Construction loan: When purchasing a plot of land in Portugal or when you wish to renovate your existing property, you can request a loan.
- Mortgage transfer: If you already have a mortgage, you can have your current terms be evaluated and receive advise whether switching to a different product could be more beneficial. Refinancing might be advantageous if you can agree better rates or if you want to adjust your loan term to better suit your financial goals.
- Monthly Payments: Borrowers make regular monthly payments that cover both principal and interest.
- Down Payment: A down payment is the initial amount of money paid by the buyer when purchasing the property.
Calculator
Mortgage Calculator
Easily estimate your monthly payments and explore different financing options for your property in Portugal.
Whether you’re purchasing your first home, investing in a holiday home, or refinancing an existing mortgage, this tool provides a quick overview of potential mortgage terms based on loan amount, interest rate, and repayment periods.
These Results are only a guide, calculated using the numbers you have entered.
Step-by-Step Guide
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Customers’ Experience from Portugal
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The UK jewellery awards is an event we always look forward to and we are so honoured to be recognised. The UK jewellery awards is an event we always look forward to and we are so honoured.
The UK jewellery awards is an event we always look forward to and we are so honoured to be recognised. The UK jewellery awards is an event we always look forward to and we are so honoured.
The UK jewellery awards is an event we always look forward to and we are so honoured to be recognised. The UK jewellery awards is an event we always look forward to and we are so honoured.
faq
Frequently Asked Questions about a Mortgage in Portugal
Can foreigners apply for a mortgage in Portugal?
Yes, both residents and non-residents can apply for a mortgage in Portugal. Non-residents typically can lend up to 70% of the properties value. While residents can lend up to 90%.
What is the maximum Loan-to-Value ratio for a mortgage in Portugal?
Non-residents usually can lend up to 70% of the property value, while residents may be eligible for values up to 90%
Which documents are needed for a mortgage in Portugal?
Required documents generally include proof of identity (passport), proof of address, Portuguese tax number (NIF), last three months of bank statements, 3 monts of pay slips, tax returns, and proof of existing debts. The bank also wants to receive all property documents and a valuation is necessary for the bank to know the mortgage request is in line with the property’s worth.
Can I get 100% financing?
No, Portuguese banks generally do not offer 100% mortgages. Even residents need to cover at least 10%-20% of the purchase price with own funds.
How long does the mortgage approval process take?
The process can take between 3-6 weeks, depending on the complexity of the case and the bank’s requirements. Pre-approval can help speed up the process.
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