What is the typical mortgage term in Portugal?

Movingto Editorial Team
December 18, 2022

The Typical Mortgage Term in Portugal

Portugal's charm, pleasant climate, and affordable cost of living make it an attractive destination for property investment. Whether you're considering relocating, buying a holiday home, or investing in rental property, understanding typical mortgage terms in Portugal is crucial to making a well-informed decision.

In Portugal, the usual mortgage term ranges between 10 to 40 years, with most people opting for a term of 30 years. It's crucial to remember that your age at the end of the mortgage term should not exceed 75 to 80 years, depending on the bank's specific policy. This means that the older you are, the shorter the mortgage term you'll be allowed.

Impact of Mortgage Term Length on Your Finances

Choosing the right mortgage term can significantly impact your financial future. Longer mortgage terms mean smaller monthly payments, making them more affordable in the short term. However, this also means you'll end up paying more interest over the course of the loan.

Shorter mortgage terms, on the other hand, will have higher monthly payments, but you'll pay off the mortgage sooner and pay less interest in the long run. Hence, it's vital to carefully consider your current financial situation and future plans before deciding on a mortgage term.

Securing a Mortgage in Portugal: Essential Steps

Here at Movingto, we understand how daunting the mortgage process can seem, especially in a foreign country. Our team is committed to assisting you every step of the way. You'll need to provide several documents such as proof of income, bank statements, and your Portuguese fiscal number (NIF), among others. For a complete list and more detailed guidance, feel free to reach out to our expert team.

Investing in Portuguese property can be a rewarding decision, and understanding the typical mortgage term in Portugal is a significant first step. If you need further assistance or have any questions, don't hesitate to contact a mortgage advisor from the Movingto team. We're here to make your journey smoother and more confident.

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