Mortgages in Portugal

Steps to getting a Mortgage

Getting a mortgage in Portugal – What happens, step by step

Step 1
Contact us by telephone, or use our short contact form online. Then discuss your needs with one of our experienced mortgage brokers who goes through the mortgage application form with you.

Step 2
Our mortgage brokers will provide you with a detailed mortgage proposal, including the terms and conditions of a choice of mortgage options for comparison. We aim to provide a fully transparent service.

Discuss the various mortgage deals with our mortgage brokerand decide which mortgage would be most suitable for you.

Step 3
Our mortgage broker will provide you with the ‘required documentation list’ for your chosen lender. They will then submit the completed application forms to the lender on your behalf.

Step 4
Bank carries out their pre-approval of your application

 Step 5
Open an account at the intended lending bank. To open a bank account you need a fiscal number. Our mortgage brokers will help you to get the number and can recommend a fiscal representative in Portugal if you wish.

Step 6
Now you can open an account with the lending bank

Step 7
The bank carries out their property valuation and makes a formal mortgage offer in writing.

Step 8
The bank sends you, or your lawyer, the draft of the deed

Step 9
Life insurance assessment. Some of the bank lenders will not insist upon it, however we strongly recommend that your mortgage is protected by adequate life insurance, either in Portugal or your home country.

Step 10
Our mortgage brokers will liase with your appointed legal representative to arrange the necessary mortgage restrictions and legal documentation to proceed to deed.

Step 11
Our brokers can arrange building and contents insurance and can arrange for any currency to be exchanged in time for the day of completion.

Step 12
It’s your deed day. You can collect the keys.

To contact a mortgage broker to discover how we can help to make the whole process easier and cheaper for you, please use the contact form here, or call us.

Read more on:

Mortgage options in Portugal

How much can you borrow?

What information will you need to supply

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Mortgages in Portugal
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