Mortgage

Inga · Post by **Inga** » Thu Jun 26, 2003 12:52 pm

Can anyone suggest which Portuguese bank would be helpful about mortgage for British people ? My friends are buying a holiday home here and your advice and/or experience would be of great help.
Many thanks.

Graham · Post by **Graham** » Thu Jun 26, 2003 12:59 pm

Hi

You can arrange a mortgage on a Portuguese property through Abbey National Offshore BUT DON'T DO THIS - a more incompetent bunch of people I have yet to meet.

Sorry I cannot help with a positive answer, but at least you know the one to avoid!

Graham

P.S. Has anyone else had dealings with Abbey National Offshore - I would love to know it was not just me suffering from their apalling service

kteee · Post by **kteee** » Thu Jun 26, 2003 3:25 pm

No, you're not alone - we nearly lost our apartment and the deposit because of their incompetence.

Don't touch them with a bargepole!!!!

offhshore owner · Post by **offhshore owner** » Thu Jun 26, 2003 5:00 pm

No they are not good and have recently lost some good staff in Portugal which has amplified the poor service issues. Plus, they will be up a gum tree if they don't react quickly to the offshore changes and allow mortgages for onshore properties or companies to be re domiciled to friendly countries.

Inga · Post by **Inga** » Thu Jun 26, 2003 7:37 pm

Dear Graham and All,

Thank you for your NOT suggestion. It's really good to know what to avoid, especially that the friends' financial consultant is looking from the overseas.
I have mentioned him Banco Totta Acores since they have a branch in London though I have heard it's difficult to deal with them either.
But anyway, thanks for the help

and the question is still open. Maybe someone was more lucky, hmm ?

kteee · Post by **kteee** » Thu Jun 26, 2003 7:48 pm

I have heard of problems with Totta e Acores as well. We were told recently that Caixa Geral in Carvoeiro would deal with mortgages for foreign nationals - I wish we had known that before!!!

julia · Post by **julia** » Thu Jun 26, 2003 7:51 pm

hi inga, we are in the process of trying to buy in portugal and have so far found tota acores very helpful indeed, a good point with them is that the mortgage is raised against the portugese property , not your english home . we have been speaking to simon perks in london ( i think, could confirm later , man of house has file at work) - and sometimes in portugal on his mobile - he has a picture of caroeiro beach on his office wall so he must have some taste!

julia

Inga · Post by **Inga** » Fri Jun 27, 2003 11:29 am

Morning,
Thanks Julia for your message ! The problem here would be that the property is off-plan, so they can't put mortgage against it. But let's try them and Caixa Geral, too.

kteee · Post by **kteee** » Fri Jun 27, 2003 12:37 pm

I don't see that off-plan would be a problem - and Abbey National also secure the mortgage against the Portuguese property, not your UK property.

The do, however, insist that the property is offshore, which is not to be recommended following the recent changes to SISA - see IMI thread on this forum.

biffa · Post by **biffa** » Mon Jun 30, 2003 12:35 am

Mortgages are a minefield!

I agree Totta are ok but better to use a broker rather than going direct as they know all the angles.

Try Thomas Corridan on tjc@oninet.pt

Inga · Post by **Inga** » Tue Jul 01, 2003 11:34 am

Thank you Biffa we will try your suggestion.
Off-plan properties are troublesome regarding getting mortgages since Portuguese law does not allow to put a mortgage against not existing real estate. Or is my knowledge incorrect ?

Guest · Post by **Guest** » Sun Jul 06, 2003 9:00 pm

Sorry another NOT TO DO...
Don't try Property Finance 4 Less in London as a broker. They use Caja Duero in Lisbon and in the process we have lost one property through delays (not such a problem now as we have found much better) and are dragging their heels over current purchase. The bank seem to be the problem not the broker but the question has to be asked ... why are the brokers still using this bank as we have heard of other peoples horror stories involving delays too.

biffa · Post by **biffa** » Mon Jul 07, 2003 2:53 pm

Sorry Inga

that e.mail should be

Thomas@finfree.info

biffa · Post by **biffa** » Mon Jul 07, 2003 2:55 pm

If you are in the Uk then try Conti Financial on mortgagesoverseas.com

Gambrinus · Post by **Gambrinus** » Mon Jul 07, 2003 3:33 pm

If you want to take out a mortgage on a property you purchase/built in PT, you can approach Credito Predial in Carvoeiro. Provided you are able to expose your financial viability based your UK income, you should not have problems getting a partial amount of the total property value.