Ideal Homes Mortgages In Portugal rates as low as 1.75%

VILAMOURA, Portugal - June 12, 2017 - PRLog -- What We Do

Type of Loan
Repayment or interest-only finance is available for the purchase or remortgage of Portuguese property.

Loan size

There is no maximum but it must not exceed 80% of the mortgage valuation or purchase price (whichever is lower).

Term
5 to 40 years up to age 75.

Fees
Portuguese bank fees vary but are typically 1% of the mortgage amount. You should allow at least €200 for the mortgage valuation; stamp duty of 0.8% of the mortgage amount; and notary and registration fees of around 1% of the amount borrowed.

Lending Criteria

Lenders will only provide mortgages on property registered as "Urbano".  This means that Rural / Rustica properties and old farm houses are unlikely to be acceptable forms of security for a mortgage

Insurance

Buildings insurance on Portuguese property is compulsory. Most  lenders don't require you to take out life or critical illness cover when buying property abroad.

Valuation
Loans are available up to 80% of the mortgage valuation: this is not the same as a market valuation. The transaction values of at least six similar properties sold in the area in the preceding six months are usually taken, with the valuer deriving an average price per square metre. This figure is then multiplied by the size of the property you are purchasing to arrive at your valuation.

Procedure
Once an application has been approved by the Bank and the terms and conditions have been offered and accepted, all legal documents will be prepared by the Bank's lawyers with all legal fees to be borne by the applicant.

Apply for a morgage

Applying for a mortgage to buy a property in Portugal.

It is advisable to arrange a mortgage in principle before committing to a purchase. This will enable you to find out how much you can borrow, so you don't waste time looking at properties beyond your budget. Even if you haven't found a property yet, Our team can help you establish your affordability and issue an approval in principle based on your financial situation.

If you have already found a property, We will send you a mortgage application pack.

Property Ownership Transfer
Property ownership transfer in Portugal generally occurs by Public Deed, Private Contract or directly at the Land Registry (or associated services).

In the event that the purchase is financed by a bank in Portugal, together with the purchase, the buyer will also be entering into a Deed or a Loan Contract with Mortgage, which sets out the terms and conditions of the loan and grants a property charge on the banks' behalf.

Once the relevant documents are signed by both parties, certified and checked accordingly to Portuguese law by the competent entity (Notary, Lawyer, Land Registry Official) the acquisition, as well as the mortgage, will be registered at the Land Registry and Tax Department.

The buyers can be represented at the deed by means of a power of attorney given to a third party.

What Documents you need for your Mortgage

• Proof of address ( Utility bill for example)
• Copy of passport

• Reference Letter from your employer, referring that you have a permanent job (simple letter stating that you been working with the company for a certain time, and you have a permanent position.
• P60
• 3 month bank statements current & Savings
• 3 months Pay slips
• credit report
• How Many dependants you have?

Ideal Homes Portugal
IDEIA FABULÁSTICA Mediação Imobiliária Unipessoal LDA Ideal Homes Portugal

Vat Number | PT 510 327 311

Address |

General | 00351 289 513 434

Freephone Number | 0800 133 7644

Email | enquiries@idealhomesportugal.com