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Mortgages in Portugal
Portugal boasts
a record of over
300 days of sunshine
each year. Throw
in some of the best
and most photographed
beaches in Europe
and you have a destination
which has to be
high on a list of
places to buy property.
Despite being one
of the smallest
and least developed
countries in European
terms, Portugal
has one of the fastest
growing economies
in the EU and as
such, you can still
obtain good value
for money when purchasing
a Portuguese property
with the real possibility
of an increase in
property value.
As with most countries,
when you purchase
a property abroad,
you will have a
number of choices
as to how to finance
the deal. All Portuguese
mortgages are full
status and proof
of income and outgoings
will be required.
Portuguese mortgages
can be arranged
for acquisition,
renovation and construction
and the mortgage
is secured on the
property in Portugal.
A deposit of 20%
of the purchase
price is required
and you will also
be liable for solicitor's
fees. Euro mortgages
are available, and
the minimum loan
amount you can borrow
depends on the lender
you use. Mortgages
are generally Repayment
loans and can be
taken over a 5-25
year term, although
some mortgage lenders
will be happy to
provide Interest
Only loans. All
mortgages should
be fully repaid
by the age of 75
and life cover is
required.
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