Mortgage guide: Portugal MORTGAGES
54 | PORTUGAL
The news from Portugal in past months may not have been particularly cheerful, but many still look at buying in the country for lifestyle. How easy is it?
What is the lending criteria?
This depends on the individual mortgage provider, however typical lender requirements for Portuguese mortgages can be found below:
Affordability requirements: The cost of the applicant’s existing liabilities and new mortgage should not exceed 33%-50% of their net income.
Employment history: Minimum 3 months required.
Self employed history: Minimum 24 months required.
Regions accepted: All regions considered.
Property types accepted: Freehold and leasehold properties.
Applicants accepted:
Individuals and local companies. All nationalities considered except those affected by international sanctions.
Further information
Currency options for mortgage payments: sterling and euros. Some lenders will require you to take out a life cover policy or open up a bank account with them in order to make the mortgage payments. Securing a mortgage offer can typically take between 3 to 4 weeks.
The OPP monthly mortgage report is brought to you by Connect Overseas, international mortgage advisers. They are based in the UK but deal with mortgages in over 50 diff erent countries around the world. See
www.connectoverseas.co.uk. They can be contacted by email at
info@connectoverseas.co.uk or by telephone on +44 (0)1708 676134.
What evidence does a buyer need to provide?
This depends on the individual mortgage provider, however document requirements for Portuguese mortgages usually include: • Copy of passport • Copy of utility bill x2 • Copy of birth certificate • Copy of last 3 months’ payslips and last year’s P60 or a copy of the last two years’ accounts and last two years’ tax returns
• Copy of last 3-6 months’bank statements • Copy of loan statements for last 12 months • Evidence of deposit used to buy the property • Copy of full credit report • Copy of last year’s mortgage statement on all properties owned • Copy of tenancy agreements for buy to let properties • Copy of sales contract • Copy of marriage certificate (if applicable) • Copy of the property title deed
Editor’s note:
This guide was accurate at the time of production. The mortgage market changes all the time.
For up to date information, see
www.opp-connect.com/infozone/mortgages
www.opp-connect.com | APRIL 2013
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