Mortgages for buying a property in Portugal

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If you are considering buying a property in Portugal,  mortgages are available for the majority of Nationalities for either House Purchase or remortgage for Home Improvements and other purposes on a case-by-case basis.

Types of Portuguese Mortgage: Repayment and Interest only.

Minimum Loan Amount: £ 20,000, No Maximum, but must not exceed 80% of the valuation of the property.

Proof of Income: There are no non-status/self-certification mortgage facilities available in Portugal (although renting out your property is permitted). All Portuguese mortgages need to be supported by proof of income.

Employed - copies of your last three month's payslips & copies of your latest P60/Employer’s Reference together with copies of your last 6 month’s Personal Bank Statements will be required.

Self-employed - copies of your last three years Audited Accounts & copies of both your last 6 month's Business and last 6 month’s Personal Bank Statements will be required on application.

Income can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, that the Lender may not take all or part of these Incomes into account when determining the maximum loan available.

Your loan is based on your joint net “take home” pay and is calculated on an affordability basis. All your existing liabilities including any mortgage/rent payments, personal and bank loans and any maintenance payments together with your proposed Portuguese mortgage payments must not exceed 40% of your net monthly income.

Example: Net joint monthly income £ 2,500. 40% of that figure is £1,000. Minus existing monthly mortgage payment £ 300 – No other liabilities. This leaves a balance of £700 for a proposed Portuguese Mortgage payment.

Term: 5 to 30 years possibly up to age 80

Currency: Euros and all other Major Currencies