PortugalThe Mortgage Helpline International Group
Do I qualify for a Portuguese mortgage?
To qualify for a mortgage in Portugal, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete the application form, and Mortgage Helpline International won’t charge you for this service.
How much can I borrow?
Calculation based on the valuation of the property
Up to 80% of LTV available for house purchase, remortgage, construction loans or home improvements
Based on joint gross & net monthly pay, where joint income is applicable
Existing liabilities, e.g. mortgage or rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed Portuguese mortgage payments. All this must not exceed 40% of your monthly net income, or in some instances 45% of your monthly gross income.
What evidence of income do I need?
If you are employed:
Your original last three month’s payslips
Your latest original P60 and Employers Reference
Your original last six month’s personal bank statements
If you are self-employed:
Your last 2-3 year’s audited accounts and tax returns
Your original last 3 month’s business bank statements
Your original last 3 month’s personal bank statements.
Example mortgage payments
If, for example, your net joint monthly income is £2,500, 40% of this equates to £1000. If your only liability is your mortgage payment, of say £300, this would leave a balance of £700 for your Portuguese mortgage repayment.
What types of Portuguese mortgages are available?
For our latest rates and to see the different types of Portuguese mortgages on offer, please contact us.
Loans available up to 80% of the property’s value
The maximum term of any mortgage is 30 years, this varies on the type of loan
Repayment mortgages available
The minimum loan you can take out is €50,000