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[Sticky] Mortgages in Portugal

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(@gerry)
Noble Member
Joined: 3 years ago

We are pleased to have Mortgage Direct as our official partner to assist residents and non-residents with mortgage applications in Portugal. With rates from as little as 0.99%, mortgages can be acquired in the following categories:

  • Primary residences
  • Holiday homes
  • Construction properties/sites
  • Investment properties
  • Commercial properties

In Portugal, even if you are retired/claiming a pension or will be in the near future, you may still be able to obtain a mortgage. Your circumstances as an individual or married couple can be taken into consideration to assess your affordability and terms. Mortgage Direct can help you to understand your options.

Find out more by clicking this link: Mortgage Direct SL | Expats Portugal

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Posts: 30
Community Member
(@andydoc)
Member
Joined: 2 years ago

Is anyone aware of a lender prepared to lend on a property valued 83k Euros? We have been told that under 100k the maximum ltv is 60% which, along with a minimum loan amount of 50k prevents lending on a property <83k...

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Posts: 16
Community Member
(@bayard)
Member
Joined: 2 years ago

I tried the Expats Portugal Direct SL and another mortgage broker, Portuguese Mortgage Brokers but these brokers say my wife and have an age issue and the best we could get would by a 3-year term, but we wouldn't qualify because it would have to be in my wife's name only, I can not co-own because I'm 78-years old. I found a company named Algarmor and they are trying to help me, but before I send them all my confidential financial information, I would like to find out if they are real?  Has anyone had any experience with them ? Or, can anyone recommend a broker or a bank who would help us given our age issue. Thanks , Lloyid

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VIP Member
(@old-bloke)
Joined: 14 years ago

Member
Posts: 2337

@bayard 

I read something the other day which was saying that the Portuguese central bank has told the banks they should only issue mortgages for a term whereby the mortgage is paid off before the borrower turns 70.
It did go on to say that some lenders are still lending for longer terms using the age of 80 as the limit for when it is paid off.

I can't remember where I was reading it to be able to post a link to it.   

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Posts: 10
Community Member
(@laguna_b)
Member
Joined: 10 months ago

We (partner and I) have been around the block many times on this. The reason for the limitations is that mortgages are accompanied by life insurance policies to pay off the mortgage if one of the borrowers dies. Thus they only lend to terms up to 70 or 75 years of age at completion.

My partner is 39 and I am 75. We were able to get approval with hm being the one buying and on the mortgage and I would be only a co-signer w/o insurance. Further complications were that we needed to have separate property rights which is a check mark on a Portuguese marriage license that we did not have in California, a community property state. However, the law explicitly excludes such blending of property if one of the parties is over 60 (I was 61) at the time of the marriage.

Yeah, this is a very complex oddity in Portuguese law....hopefully I saved you a few weeks of digging.

 

Barry

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Posts: 2
Community Member
(@daisywillsonu)
Member
Joined: 6 months ago

If you're considering buying a property in Portugal, you'll need to take out a mortgage. In this reply, we'll outline the process of getting a mortgage in Portugal, including the different types of mortgages available and what you need to do to apply.

There are two main types of mortgages available in Portugal: fixed-rate and variable-rate. Fixed-rate mortgages have an interest rate that stays the same for the entire loan term, while variable-rate mortgages have an interest rate that can fluctuate.

To apply for a mortgage in Portugal, you'll need to provide some documentation, including proof of income and assets, as well as a down payment. The down payment is typically 20% of the purchase price of the property.

Once you've applied for a mortgage, the lender will appraise the property to make sure it is worth the purchase price. If everything goes well, you'll be approved for the loan and can start the process of buying your new home in Portugal!

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