Lucas Mortgage Finance
Property Mortgages, remortgages, Letting in Portugal
Portuguese Mortgages: Now that you have booked that wonderful holiday home in Portugal, where will you go for your mortgage?The selling agent may offer to put you in touch with his favourite bank manager, but are there other options?You may call in yourself to a bank where someone speaks English., but will you be able to negotiate the best rate? How easy will it be to communicate with the bank when you are back home? What about the other Portuguese banks?
Letting in Portugal
We have been dealing directly with the Portuguese banks since 2007. As experienced mortgage brokers we have been able to secure competitive terms for all of our clients. This is based on understanding the way the Portuguese banks operate and being able to present packaged applications in a way that shows clients in the best possible light and in a format acceptable to the particular Portuguese bank. We actually get business from fellow Irish mortgage brokers as they know how steep the learning curve would be to get involved themselves with the Portuguese banks.
Most people borrow 75% (sometimes 80%) of the property value in Portugal. The term can be up to age 75 generally, although some banks will go a little more. Rates are usually based on a spread (i.e. margin) over 3 month Euribor and interest only options are available. It is currently much cheaper to borrow in Portugal than in Ireland! Why not go to our website if you have bought or are thinking of buying in Portugal?
, Property Mortgages