CREDIT BROKER (Mortgage broker)
A mortgage broker services in Portugal is an opportunity to transfer all the hassle of agreeing on documents and loan terms with the bank to a specialist. Getting a loan or mortgage in Portugal is quite realistic even for foreigners; only the terms and requirements differ. A credit broker will help you assess how much credit you can expect, what initial deposit you will need, and which banks are most likely to approve your application. The credit broker will communicate with bank specialists, conduct a preliminary analysis of your documents, and provide support throughout the entire process of reviewing your application.
You may be required to pay separately for the translation and certification of documents, insurance, and bank fees. Additional costs usually include: property appraisal, case review fee, contract drafting, compulsory insurance (life and property), taxes (IMT, IS).
BASIC REQUIREMENTS FOR OBTAINING A BANK LOAN IN PORTUGAL:
- Minimum age: 18 years old
- Maximum age at the end of the loan agreement: 75–80 years old (depending on the bank)
- Stable and proven income (employment, self-employment, pensions, etc.);
- Recommended debt load: no more than 35%-40% of monthly income;
- Good banking history, no records of delinquency with the Bank of Portugal.
TO OBTAIN A LOAN, YOU WILL USUALLY NEED TO SUBMIT:
- Valid passport or residence permit;
- Tax number (NIF);
- Confirmed information about your place of residence;
- IRS (submitted financial statements) + tax assessment notice;
- Documents confirming your income level and the origin of funds for the last 3 months.
The law firm First Legal Portugal offers free credit broker services in Portugal.
