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Financing your Silver Coast property
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Mortgage in Portugal – general informations
Traditional Financing / Mortgage conditions
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OBJECT |
Customers willing to buy second/holiday property in Portugal |
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TERM |
Up to 30 years
Applicants can't be over 80 at the term of the mortgage |
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INTEREST RATE |
Euribor + spread 0.85% (not variable with Loan to Value )
Euribor 6 months
Typical 5.46% APR variable
(over a 30 years loan) |
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AMOUNTS |
Minimum 75.000€
Maximum- 75% of property valuation
Currency available- Euros
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REPAYMENTS |
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MORTGAGES - Calculations for € 100,000 Loan |
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Typical Repayment Examples |
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Period |
Monthly Instalments |
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5 Years (60 Months) |
€ 1,899.47 |
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10 Years (120 Months) |
€ 1,073.85 |
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15 Years (180 Months) |
€ 804.88 |
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20 Years (240 Months) |
€ 674.91 |
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25 Years (300 Months) |
€ 600.37 |
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30 Years (360 Months) |
€ 553.38 |
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Based on interest rate Euribor (6 months) + spread 0.85% = 5,269% (Nominal Rate) |
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APR 5.46% ( variable ) |
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Euribor (6 months) on August 07, 2007: 4.419% |
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FEES |
Handling fee- 550€
Property Valuation fee- 175€
Redemption- Sums paid in advance to reduce debt
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SECURITY |
The loan will be secured by a [first] mortgage over the Portuguese property
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT |
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INSURANCE |
Life insurance- Not requested
House insurance- obligatory |
Interest only - Financing / Mortgage conditions
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OBJECT |
Customers willing to buy second/holiday property in Portugal, with an interest only period |
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TERM |
Up to 30 years
Applicants can't be over 80 at the term of the mortgage |
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INTEREST ONLY PERIOD |
Maximum 5 years |
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PRE-CONDITIONS & GUARANTEES |
1. Fixed Income guaranteed by the developer during the period of interest only
2. Borrower will allocate the income to the payment of the monthly installment to BES (*)
3. Bank Guarantee issued at developer's request to be presented to BES, securing the payment of income.
(*) Contract to be signed between the Client and BES, when the deed / mutual agreement is signed.
A Rental Contract or similar should also be signed between the developer and the buyer.
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INTEREST RATE |
Euribor + spread 1.1% (not variable with Loan to Value )
Euribor 6 months
Typical 5.72% APR variable
(over a 30 years loan) |
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AMOUNTS |
Minimum 75.000€
Maximum- 75% of property valuation
Currency available- Euros
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REPAYMENTS |
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MORTGAGES - Calculations for € 100.000 Loan |
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Typical Repayment Examples |
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Period |
First 36 Monthly Instalments / Thereafter |
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10 Years (60 Months) |
€ 459.92 / € 1,910.99 |
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15 Years (120 Months) |
€ 459.92 / € 1,086.20 |
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20 Years (180 Months) |
€ 459.92 / € 818.09 |
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25 Years (240 Months) |
€ 459.92 / € 688.96 |
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30 Years (300 Months) |
€ 459.92 / € 615.22 |
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Based on interest rate Euribor (6 months) + spread 1.1% = 5.519% (Nominal Rate) |
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APR 5.72% ( variable ) |
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Euribor (6 months) on August 7, 2007: 4.419% |
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FEES |
Handling fee- 550€
Property Valuation fee- 175€
Redemption- Sums paid in advance to reduce debt |
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- 0.5% |
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SECURITY |
The loan will be secured by a [first] mortgage over the Portuguese property
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT |
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INSURANCE |
Life insurance- Not requested
House insurance- obligatory |
Fixed rate - Financing / Mortgage conditions
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OBJECT |
Customers willing to buy second/holiday property in Portugal with a Fixed Rate period |
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TERM |
Up to 30 years
Applicants can't be over 80 at the term of the mortgage |
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INTEREST RATE |
Swap Rate + spread 0.85% (not variable with Loan to Value) |
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AMOUNTS |
Minimum 75.000€
Maximum- 75% of property valuation
Currency available- Euros |
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REPAYMENTS |
MORTGAGES - Calculations for € 100,000 Loan over a 30 years loan
Typical Repayment Examples
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Period of Fixed Rate |
Nominal Rate |
Nominal RateMonthly Instalments |
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5 Years |
5.453 % |
€ 564.82 |
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10 Years |
5.680 % |
€ 579.15€ |
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15 Years |
5,773 % |
€ 585.03 |
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20 Years |
5,854 % |
€ 590.22 |
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25 Years |
5,889 % |
€ 592.44 |
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30 Years |
5.942 % |
€ 595.80 |
Based on Swap Rate on August 07, 2007 + spread
0.85%
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FEES |
Handling fee- 500€
Property Valuation fee- 175€
Redemption- Sums paid in advance to reduce debt - 2.0 % |
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SECURITY |
The loan will be secured by a [first] mortgage over the Portuguese property
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT |
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INSURANCE |
Life insurance- Not requested
House insurance- obligatory |
Documents needed - check list
Mortgage Application & Account Opening Check-List
- Passport / ID Card (certified copy)
- Birth Certificate / or Marriage (*) (certified copy)
(*) Marriage Certificate-only valid if it states 'BOTH' parents names
- Nº Contribuinte (Fiscal Nº)-(Fiscal Number Issued in Portugal)
- Proof of address in UK or Ireland: Utility Bills (ie Water, Gas, Electricity, Council Tax, etc)
- Bank Statements (last 3 months better even 6 months)
If Employee:
- Pay slips (Last 4 - 6) - showing Employer's & Employee's details
- P60 (last/current tax year)
If Self-employed:
- Tax Calculation Self Assessment (last/current year) or an official Letter from Inland Revenue stating proof of earnings
- The previous 3 years audited accounts
- Profession/Business/Activity License or the Registration Certificate from 'Companies House'
- In order to proceed with the application please ensure the amount needed to pay the Management fee (500 euros) and the Valuation fee (175 euros) is in your BES Account, as payment will be debited.
Property Documents Required for the Loan Completion
- Copy of the Promissory Contract Detailing the conditions of Sale ("Contrato de Promessa de Compra e Venda")
- Property Tax Document ("Caderneta Predial Urbana") or Form nº 129
- Property Full Record Certificate ("Certidão de Teor da Conservatória")
- Property Plans (House and Location)
- Habitation License ("Licença de Habitabilidade")
- Construction License (only for home building loans)
- Approved Property Plan and Building Specifications (only for home building loans)
- Home insurance
- Tax Office Document certifying settlement of Municipal Transfer ("IMT")
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