how to get a mortgage in Portugal

Mortgage in Portugal

Borrower may act as an individual and company.
The minimum loan size in Portugal is 50,000 euros. The size of the mortgage is limited only by the fact that its amount can not exceed 80% of the appraised or market value of real estate (whichever is lower).
Mortgage terms from 5 to 30 years, age maximum 75 years.
Since each bank's most important is your ability to pay, the majority of Portuguese banks take into account your existing commitments and payments, including payments on the mortgage / rent, personal and bank loans, and alimony. Along with the expected costs of the Portuguese mortgage your payments may not exceed 35% (this figure may vary) of your monthly income.

Portuguese banks require proof of income. It may be help on wages, savings or investment income. However, not all lenders take into account these documents.

Insurance of property to be acquired is a prerequisite, and is often sold as a separate product by the lender. As for life insurance, it is often necessary, but there are exceptions.

Mortgages granted for up to 80% of the appraised value of real estate: the figure in most cases different from the market valuation. Taken into account transactions for similar items in the selected area within the previous 6 months, which is derived from the average cost per square meter. This figure applies to the characteristics of the property interest to come to the appraised value of real estate.

An application for a mortgage in Portugal for the purchase of real estate.
We recommend that you learn about possible mortgage options before making a purchase, and possibly to the point that you are planning a visit to find a property in Portugal. This will let you know on what conditions you can expect based on your financial situation and your budget, and also obtain the prior approval of the bank.

Terms Mortgage Lending in Portugal: Up to 80% of the appraised value of real estate, loan term of 5 to 30 years, age maximum 75 years, floating rate of Euribor + 1% 3/6/12m -2.25% Fixed rate 2.75 % -6.25% Administrative fees account for 1-1.5% of the loan, there are limits (sanctions) on the early repayment of the loan, minimum loan amount is 50,000 Euro