Eligibility and criteria
- We typically arrange loans in Euros; however mortgages are also available in US Dollars or Sterling.
- Repayment and Interest only loans are available for purchases.
- The maximum loan to value for a purchase is 80%.
- The maximum loan to value for a remortgage is 70%.
- The maximum term of any mortgage is 30 years (to age 80 maximum) however this varies depending on the type of loan.
- The minimum loan amount is €30,000 with no maximum.
- Mortgages can also be obtained for land purchase and stage paymetns where relevant planning permissions/building licences have been obtained.
- Due to Portuguese law, remortgages are only available on a repayment basis.
Affordability
To qualify for a mortgage in Portugal a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete our enquiry form and we will not charge you for this service.
Your existing liabilities, including your UK mortgage or rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed Portuguese mortgage payments. All this must not exceed 40% of your joint monthly net income. For example if your joint net income is £2,500, 40% of this equates to £1,000. If your only liability is your current UK mortgage payment of say £300 per month, this would leave a balance of £700 for your Portuguese mortgage repayment.
Proof of income requirements
If you are employed:
- Your last three month's payslips
- Your latest P60 and an employers reference
- Your last six month's personal bank statements
If you are self-employed:
- Your last 2-3 years audited accounts and last 2-3 years tax returns
- Your last 3-6 months personal bank statements
Max term 30 years
£ 48,000 minimum loan
Repayment and Interest only mortgages
