Mortgages in Portugal

Published on 20th March, 2024

Are you looking to finance a property purchase in Portugal? Whether it be for your main home, a holiday home or for investment, obtaining a mortgage here is relatively straightforward.

The amount you can borrow is based on the property's purchase price. If you are a non-resident of Portugal, the loan amount is 60 - 70% of the price, this increases to 80 - 90% if you are a resident.

The maximum term for repayment is up to 50 years and the loan will need to be repaid by the time you are 75 years old.

There are more than 15 banks that could offer you a mortgage and when you get a quotation, you will be asked to supply:

• Date of birth of all applicants
• Bank application forms
• Copy of your passport
• Copy of your Portuguese fiscal number
• Bank statements for the 3 months before the application (including current loans/investments/salary)
• Proof of residence (i.e. a utility bill)
• Copy of last year’s income tax declaration
• Employer’s reference confirming current employment, length of service and gross annual salary
• Payslips for the last 3 months
• Proof of deposit (non-residents usually must put down a 30% deposit, residents only need 20%).
• Property Documents - plans, the ‘caderneta predial’, the title certificate, name and contact details to enable them to carry out legal checks and a formal valuation to ensure the property is worth the amount you’re planning to pay
• Full credit report

Not only will we find your perfect, dream property, but we will also work with you to recommend specialists to secure the finances and more. Contact our experienced and knowledgeable team of multi-lingual Property Advisors who will gladly assist you: hello@PortugalProperty.com or call us on +351 308 800 878 or 0800 014 8201 free from the UK.

Download the latest edition of ‘At Home’ magazine here and Behind the Listing here

Published in: Guide to Portugal / Miscellaneous / Portugal Property / Taxation