Can I get a mortgage in Portugal?

Anyone who is buying a property in Portugal can apply for a mortgage, even when you are living abroad an buying a holiday home in Portugal.

But It’s very smart to sort out your mortgage possibilities early in the buying process so you can know how much you can afford and work out the monthly payments. There are many things to consider when it comes to mortgages. Our mortgage advisor Ana Vieira is there to help you. 

In Portugal there are a few (inter)national retail banks and cooperative national banks that are regulated by the National Banco do Portugal. It´s very important that you choose a bank that is regulated by the Banco do Portugal, because your money will be insured for major economic crises.

In the main Algarvian cities Albufeira, Loulé, Faro and Portimao you can find branches from all the major banks. So, it´s quite easy to do business with banks in Portugal.

When can you apply for a mortgage:

You can prove a steady income.

You can prove a stable financial situation without high debts.

You are under the age of 70.

How much mortgage can you get:

The Portuguese banking system makes a difference between residential buyers, first-home-residential buyers under the age of 30, and non-residential buyers. For each group different rules and regulations apply in order to determine the mortgage amount you can get.

For residential buyers who are not buying their first home:

90% of the property value

Fixed interest and flexible interest rates

Until the age of 70

For non residential buyers:

70% of the property value

Fixed interest rates and flexible interest rates

Until the age of 70

At WESTMARK we have professional advisors who can tell you more and guide you through the process. We also have good connections with several banks to introduce you to. Let our team member Ana Vieira help you with a free consultation. 

Santander is an international bank that you may have heard of before, as the Spanish-based bank has a presence in the UK. In Portugal, Santander is one of the largest private banks. It offers a choice of accounts and the bank has branches in Albufeira, Loulé, Portimao and Faro.

Novo Banco

With a large network of branches and ATMs throughout Portugal, Novo Banco offers a wide range of products for personal customers. This includes both packaged accounts, bringing together debit and credit cards along with a current account, and simplified accounts.

Caixa Geral de Depósitos

One of the largest banks in Portugal, CGD is known for its commercial and investment banking services. But it also offers products and services for retail customers too.

Millennium BCP

One of the largest private banks in Portugal, Millennium BCP has a huge network of branches nationwide and worldwide.

Banco BPI

Owned by the Spanish bank CaixaBank, Banco BPI is a major private bank offering services to both personal and business customers.