The question most often asked about buying property in Portugal is – can foreigners get a Portuguese mortgage? The simple answer is yes.
Yes, foreigners can get a mortgage in Portugal, and may have advantages for doing so. This however depends on your individual circumstances. Portuguese bank mortgages are also the most common method of real estate financing in Portugal for both residents and non-residents. This makes banks friendly to foreign buyers and doing business, but doesn’t mean there isn’t a rigorous process for approval.
This is where we come in and help prepare you for approval or pre-approval depending on your needs.
Available for the purpose of property improvements.
Portuguese banks are friendly to property investment structures and can provide buyers with options such as a choice between a fixed or variable rates. Fixed rates provide for a loan with a set rate over a fixed period, protecting you from market fluctuations. Whereas variable rates adjust based on the Euribor fluctuating rates, where you can benefit from lower or risk higher rates over the loan period.
Financing is ultimately based on the individual investors profile, and why we recommend you taking the pre-approval route. Going this route advances the formalities of your purchase and clarifies the investment requirements for you.
Once you have decided on a real estate investment in Portugal, regardless of where in the country you intend to purchase your property.
A pre-approval will help clarify costs, requirements and responsibilities you will have as a property investor in Portugal. It will also help assess the timing of your investment and if you are ready to make a purchase, or if financial planning is needed prior to the mortgage application to ensure you’re successful.
Property Acquisition Costs:
Once you’ve decided on a property, or alternatively if you are selling a property, you will need a facility to transfer funds. You can do this through Portuguese banks, but you may also want to consider alternatives to compare and benefit from the best exchange rates. When investing for rental income purposes you will also want a competitive rate option for continuous fund transfers.
A number of currency exchange services are available in Portugal, and based on your investment type we can help you select which will suit your needs best for making isolated payments or ongoing property management transactions.