&lt;p&gt;Great news if you&#39;re purchasing a property in Portugal, the interest rates on mortgage loans fell 2.4 basis points and reached a new low of 0.873% in January. According to data from the National Statistics Institute (INE) for the purpose of financing house purchases, the interest rate for total contracts fell to 0.892%, down 2.3 (compared to December).&lt;/p&gt;
&lt;p&gt;The average value of the instalment fell 9€, to 285€ and with interest rates this low, there is no question that now is a good time to proceed with purchasing your dream property in Portugal.&lt;/p&gt;
&lt;p&gt;The property market in Portugal, and particularly the Algarve, is currently booming with investors looking to capitalise on the low interest rates. The Algarve is famous for its wonderful weather, beautiful beaches, fishing villages, historical attractions, golf resorts and delicious food.&lt;/p&gt;
&lt;p&gt;The combination of the Algarve’s beauty, great quality of life and low interest rates will no doubt continue to see a rise in property purchases.&lt;/p&gt;
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&lt;p&gt;This traditional three bedroom villa is for sale in S&#227;o Br&#225;s de Alportel for only 699,000€. The monthly payment below reflects the new interest rate with a 20% (139,800€) down payment:&lt;/p&gt;
&lt;ul&gt;
&lt;li&gt;Cost - 699,000€&lt;/li&gt;
&lt;li&gt;Interest - 0.873%&lt;/li&gt;
&lt;li&gt;Period - 40 years&lt;/li&gt;
&lt;li&gt;Payment - 1,380.64€&lt;/li&gt;
&lt;/ul&gt;
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&lt;p&gt;This traditional three bedroom villa for sale in Santa B&#225;rbara de Nexe is only 699,000€. The monthly payment below reflects the new interest rate with a 20% (150,000€) down payment:&lt;/p&gt;
&lt;ul&gt;
&lt;li&gt;Cost - 750,000€&lt;/li&gt;
&lt;li&gt;Interest - 0.873%&lt;/li&gt;
&lt;li&gt;Period - 40 years&lt;/li&gt;
&lt;li&gt;Payment - 1,481.38€&lt;/li&gt;
&lt;/ul&gt;
&lt;p&gt;Even if you do not have a property in mind yet, there is always the option to get your mortgage pre-approved. This is where you will be able to submit your details upfront to see what you are capable of borrowing. This will help you narrow down your property search as you will have a figure to work with now.&lt;/p&gt;
&lt;p&gt;It is always highly recommended to speak with an experienced and registered mortgage broker in Portugal as they will already have an established relationship with the banks, meaning they will be able to obtain an excellent financial option for you.&lt;/p&gt;
&lt;p&gt;Ideal Homes Mortgages has provided brokerage services since 2013 with a vision of providing service excellence, and ensuring clients requiring real estate financing were well informed and confident in their property purchases and investments in Portugal.&lt;/p&gt;
&lt;p&gt;To book your FREE consultation with a registered mortgage broker, get in touch with the experts on info@idealhomesmortgages.com today to start the application process, or give them a call on +351 289 513 434.&lt;/p&gt;

Slide in Mortgage Interest Rates Delights Property Purchasers

Mortgage rates in Portugal are currently as low as 0.873% making now the ideal time to invest in property in the Algarve.