Mortgage document checklist
Once a mortgage has been agreed (by both parties) the application process will quickly follow.
Mortgage process
- Meet a mortgage advisor on your visit
- Discuss you requirements and options available
- Send the required documents
- Mortgage approval
- Property valuation
- Final approval
- Signing title deeds
Qualification process
The qualification process can vary from bank to bank but in general this is dependant on your ability to repay the mortgage. Taken into account is your current income and outstanding loans or debts at home. The guide line figure commonly used is 35% of your monthly net salary should be able to cover your intended monthly mortgage in Portugal along with your monthly mortgage and any debts at home.
Please note all banks are different so all details about your personal situation should be declared to ensure the correct bank is matched to your requirements.
Mortgage options
- Up to 70% of property valuation
- Maximum term: 30 years
- Maximum age on completion: 80 years
- Maximum interest only period: 25 years
- Promotional spread minimum of 1,15% during the entire term – Special Conditions Apply;
- Standard margins between 1,79% and 3,60% (depending on LTV and loan amount);
- Mortgage process:6-8 weeks
| PROOF | Employed | Self Employed | Retired |
|---|---|---|---|
| Passport Copy | X | X | X |
| Fiscal Number | X | X | X |
| Last Years P60 | X | X | |
| Last 3 Months Pay Slips | X | X | |
| Emplyer Letter On Headed Paper Confirming Your Position As Permanent | X | ||
| Last 3 Months Personal Bank Statements | X | X | X |
| Proof Of Any Savings Or Investment Accounts | X | X | X |
| Last Years Full Tax Returns | X | ||
| Last Years Profit & Loss Accountants | X | ||
| Last 3 Months Business Bank Statements | X | ||
| Recent Utility Bill | X | X | X |
| Recent Mortgage Statement | X | X | X |
| Bank Reference Letter Confirming Your Accounts Are Held Satisfactorily | X | X | X |
| Completed Bank Application Forms | X | X | X |