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ADVICE #230

How to get a mortgage in Portugal?

The foreigners can expect to obtain a loan repaying 80% of the cost of purchased housing. Customers without resident status (including the Russian citizens) will have to pay about 5% per annum on a mortgage. The loan is provided for up to 30 years. Early repayment of the loan in the amount of 25% is not subject to a penalty. For amounts in excess of 25%, you will have to pay a penalty of 3%. One of the important conditions for obtaining a mortgage is a contract with the agency company (the service costs EUR 300 ). These companies do not just do all the paperworkfor their customers but also help in dealing with the bankers who do not speak English, and with the translation of all documents into Portuguese. The required documents include passport, taxpayer card in Portugal (issued by the same company), ernings statement, recent tax return or balance sheet of the company (if the property is purchased on its behalf), bank statements, and a certificate of opening of a current account in Portugal. In addition to filing these documents, you must also pay for real estate appraisal by the bank (an average of EUR 600 ). In general, when obtaining a mortgage in Portugal the customer will have to pay EUR 1.5-2 thousand (fees, taxes, etc.). Loan arrangements are made quickly enough and take 15-20 business days.

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