subject: At What Stage Should I Arrange My Portuguese Mortgage? [print this page] For those buying property abroad, Portugal is looking a very good option in terms of value for money and the right time to buy. With the Portuguese mortgage rates at an all time low and the Portuguese mortgages on offer having something for everyone now really would be the time to get serious about making your investment abroad become reality.
The question is, at what stage should I get my mortgage arranged? In most previous cases of buying in Portugal the mortgage came after the property purchase. The main reason for this was the off plan way of buying and the mentality it created. As property was usually only ready many months or several years after the initial purchase or signing of contract the mortgage approval or what was needed in terms of completion was very much an after thought. The market today is a whole different scenario. Property being sold and on high demand now is key turn property. Not only do clients want to see exactly what they are buying but they want to make sure that all the licenses are in place and what they are buying is exactly what they will be getting. This scene creates a perfect market for very good property being snapped up at below market value price. With the property ready for ownership the client can not only get a mortgage straight away to ensure no nasty surprises await but they can also check the banks current value on the property to confirm the bargain in which they believed they are buying is in fact real.
For those clients wanting to take advantage of the current Algarve property market then getting a pre-approved mortgage to assist you with your search can be vital in not only securing the property but gaining a further discount due to the speed in which you are able to go to deeds. If you are serious about buying a property in Portugal then starting with your finance would be a great first step. Getting a mortgage in Portugal should be relatively straight forward as long as you use an experienced broker, many Portuguese banks offer mortgage products to non residents so making sure the right bank is selected to suit your needs is important. No broker fee should be charged by a professional or experienced broker and the approval process should take from 1-7 days depending on the bank and the size of the loan you require.
Once you have the mortgage approval, I can almost guarantee that any property agent you speak to will take you very serious indeed when they are made aware of your intent as you have shown a huge amount of commitment to purchasing in Portugal already. Also you will be secure in your own mind that one major part of the buying process has been checked off the list.
To find out more about getting a mortgage approval in Portugal or any other Portugal financial related matters please us the contact below.
