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Mortgages

Mortgages

Determining factors when it comes to qualification and rates for a Portuguese Mortgage. Banks take two criteria into consideration when analysing your mortgage file for approval: Financial strength and property valuation.
Your financial strength and property valuation will be assessed as follows:
 
Income. A bank will require proof of your current earnings such as salary income, dividend payments, investment income, pension income and rental income. This information will help the lender to ascertain if you can comfortably afford the monthly cost of your Portuguese mortgage. A bank will also consider the net income of each applicant confirmed by pay/pension slips, tax return and bank statements.
 
Existing debts. The lender will require confirmation by way of a credit report or loan/mortgage statement in order to analyse your monthly fixed commitments for existing liabilities such as mortgages, personal loans and credit cards.
 
Employment history. The lender will require proof of your current employment in form of an employer's reference letter. If you are self-employed a bank will require information about your company, confirmed by your accountant.
 
Credit history. A bank will require a credit report from your country of residence (if available) and will also carry out a check with the Bank of Portugal for any existing liabilities in the country.
 
Property valuation. A bank will commission an independent engineer to value your property. Banks are currently lending between 60-80% of the valuation price. Ideal Homes Portugal will liaise with your appointed key holder and arrange a visit to the property with the designated engineer. We will also arrange for all necessary property documentation for the bank.
 
Whether you have just set out on your exciting journey to buy abroad, or have already decided on a property in Portugal, Contact Us. We will guide you through the buying process and help you find an appropriate mortgage in Portugal for your needs. 
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