The papers you need to apply for a mortgage in Portugal depend on the lender and the mortgage package you want. In Portugal, however, you will usually need to show a few standard documents before you can get a mortgage. If you are a first-time buyer or a pensioner, we recommend that you get a mortgage broker.
Proof of income
Proof of income is one of the most critical documents you will require. This can include pay stubs, tax records, and other financial documents that prove your ability to repay the mortgage. Lenders usually need at least two years of income history to figure out if you are a good credit risk. Aside from the above documents, there are a few other things to think about when getting ready to apply for a mortgage in Portugal. For example, you might have to show proof of your employment status and how long you've been at your current job. You might also have to show proof of your assets, like stocks and investment accounts.
Identity
In addition to income verification, you must also present evidence of identity. This can be a passport, a national ID card, or another form of government-issued ID.
Statements
For a mortgage application in Portugal, you may also need to show bank statements, credit reports, and any other proof of your financial situation. This could include proof of student loans or credit card balances.
Deed
If you want a mortgage for a specific piece of property, you must also show proof of that property. This could include the deed to the property as well as any appraisals or other documents that show how much the property is worth.
It's important to remember that the paperwork needed to apply for a mortgage in Portugal can vary by lender and type of mortgage. Talking to a mortgage broker or lender is a good idea if you want to find out what papers you will need in your situation.
Credit history
Additionally, it is essential to be prepared to provide details regarding your credit history. This includes any credit problems from the past, like bankruptcies or foreclosures, as well as any obligations or liabilities that are still owed.
Summary
In Portugal, the documents required for a mortgage application can initially appear intimidating. But if you work with a mortgage broker, you can make sure you have all the paperwork you need to get a mortgage. You could also get tax exemptions, as they have a wide knowledge of all the Portuguese laws and current deals. If you have an NHR, your mortgage can potentially change. By being organized and well-prepared, you can make it easier to get a mortgage in Portugal and get one step closer to owning a home. Try our free mortgage broker today.
Written by
Ana Fankhauser
Ana has worked in many startups and moved to a few countries, which led her to create MovingTo. She believes that remote work is a growing trend that is here to stay and that digital nomads will move to countries that have more to offer than the ones you were born into. She mostly writes opinion pieces for MovingTo.
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