Mortgages in Portugal with interest rate of 1,5%, too good to be true?

In most of the countries from where our clients come from interest rates of mortgages are very high and when they hear that in Portugal, with good banking connections, you can get 1,5%, they don’t believe it. Sometimes when you are buying a property abroad you are not aware of all the perks and benefits you can get, so you need a local expert to guide you. DRP Advisers are here to help you throughout the entire process of buying properties in Portugal.

So, how can you get a pre-approved loan from the bank in Portugal without a chosen property?

First we start with the pre-approval of the loan process, that usually consists of analysis of the client’s profile, income, risk level. The result of this procedure reflects the amount of funding that the bank can offer to the client with certain conditions. What this pre-approval gives you?

You can define a price limit for your property search

For the information, most of the banks finance maximum 80% of the value of the property. When you have the knowledge of the possible borrowed amount you can look for properties under your budget.

You can close the deal immediately once you find the right property

We saw many situations when a buyer finds a perfect house, but can’t progress immediately because he needs to get approval from the bank first. Meanwhile, another interested buyer takes the lead. But if you already have a pre-approved loan, you can close the deal immediately.

To learn more about mortgages in Portugal, please get in touch with our mortgage specialist:

renata@drpadvisers.com

Phone: +351 912 585 085

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