First of all, the bank. Do not commit with any offer without a bank offer. You might lose your investment!

We've seen it several times. You'll see your dream house, make the promissory contract and...the bank is not complying with what you need from them. You will lose your money. We should always have one offer from the bank to support us on the acquisition, then we can tackle the real-estate. It's the safest option you a foreign client. Please be careful, some dreams have ended on a nightmare.

Second step, the Real-estate.

Hence our commitment is towards you and we're biased to you, we will ensure the best deal possible you can have. No extras, no premiums, no surprises. We have IT tools where we can ensure the expected value on the asset and provide you with the most accurate data on the biding price (usually the delta on the asking price and sold price is around 5,5%, nationwide). We have access to this information and so will you. A conscientious decision with a fair price, what else would you expect from us?

How much do the banks grant?

Only local banks can provide you with a mortgage for an asset in Portugal.

The first thing to know is your nationality(ies) and the Loan To Value Ratio expected. For non-residents, banks are granting mortgage loans between 60 to 80% of the property's value or sale value. Be aware that banks don't finance the closing costs or taxes.

Tax residents get around 90%. The age limit is usually 75 years, with a maximum of 80 years. ​Before lending banks need to assess your financial situation, as well as the property you are going to acquire. Financial qualification is carried out through proof of employment and income obtained, as well as the verification of existing credits/debts and their history. Usually, the rate of effort limit is 30/35% of income.

The property is independently appraised by the bank with a certified expert. We will accompany the expert on the visit to the property, as well as with the necessary documentation.​

And which are the documents I need to apply?

• Identification documents and a Portuguese Tax ID number

• Proof of residence

• Employer's statement or accounting information about the company if you are an entrepreneur

• Last 6 salary receipts, rental income, pensions, investment funds

• Credit responsibilities document (examples: Experian Report, Schufa, ...)

• Bank statements from the last 3 months

• Tax return for the last year

• Proof of Equity

• Information about the property to be acquired

• You should get a Portuguese tax identification number (AKA: NIF)

• You must open a Portuguese bank account

What costs will I have with the acquisition?

Acquisition expenses / Closing costs - Paid to the government on the Final Deed :

• IMT varies from 1 to 6% of the purchase price

• Stamp duty tax : 0.8% of the purchase price

• Notary and property registration in your name: Normally not more than 1.000€

• Do you still have questions? Try our calculator for free!

Regular expenses after you buy the property :

IMI: Paid annually, it varies between 0.3% and 0.45% of the equity value, depending on the municipality where the house is located (Lisbon is ~0.3%).

Monthly payment to the Club or Building Association (condominium): Paid monthly, the value depends on the characteristics of the apartment. Values ​​from 20€ per month.​

So what can I expect about my customer journey?

1 ) Free of charge online meeting to access your needs and find out how we can help you.

2) We will send you a checklist with all the necessary documents and make your financial qualification, we will see how much the bank is available to grant.

3) If you haven't chosen the property, we will assist you in the search by looking at all the available properties on the Portuguese market. Free of charges, or premiums.

4) You choose the bank offer, get a Portuguese tax number, open a bank account and then we give the bank the property information so that the bank can send an expert to evaluate the house

5) The bank gives the final proposal and we book the final deed

Please note that 6 weeks is the normal time to close the process, but if your personal case or the property has some special issues it can take longer. It's our job to ensure you're acquiring the right property without any hidden issues in the future.

If you need a Lawyer, in the case you are asking for GoldenVisa, for example, then you pay directly to him. It's not within our scope of work.

THE MORTGAGE ADVISING SERVICE IS TOTALLY FREE OF CHARGE IN PORTUGAL

If you can check the law here.

EXPERT TIPS FOR GETTING A MORTGAGE IN PORTUGAL