Navigating the process of securing a mortgage can be complex, especially when you're looking into foreign real estate markets. However, Portugal's welcoming stance towards expats, combined with its charming landscapes and cultural richness, make it a compelling destination. This article will guide you through the eligibility criteria for a mortgage in Portugal, helping you make an informed decision.
The eligibility criteria for a mortgage in Portugal are largely dependent on your financial stability and reliability as a borrower. Here's what you need to know:
Remember, these are general guidelines. Different lenders may have varying requirements, so it's essential to do your research and compare different mortgage options.
Do you need help navigating this process? The team at Movingto is here to help. Our comprehensive package includes financial planning, help with documentation, and even arranging an appointment at SEF (Portugal's immigration and borders service) for you.
Consider your financial position and what you can afford in terms of a mortgage. The amount you can borrow for a mortgage in Portugal depends on your income, debt-to-income ratio, credit score, and the type of mortgage you choose. In general, lenders in Portugal will allow you to borrow up to 80%-90% of the property's value, meaning you would need to provide a down payment of 10%-20%.
It is important to carefully review the eligibility criteria for any mortgage product you are considering before applying to ensure that you meet the requirements and have a good chance of being approved. You may also want to consider seeking the advice of a financial advisor or mortgage broker who can help you understand the eligibility criteria and assess your chances of getting a mortgage in Portugal.
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