Mortgage

[chrisox]

Hi Guys

Sorry if this has been posted before but I couldn't find an answer. We are interested in potentially buying a property in CVO and I wondered where to start with Mortgages etc, do people use UK based banks or local Portuguese banks for Mortgages? Any benefits either way?

Ideally I wanted to buy this through my Ltd company as an investment but would need to borrow money.

Many Thanks

Chris

[bookbabe]

Give Gary at Portugal Mortgages a ring. Afraid I don't have his number but if you google him you should find it. He is a mortgage broker and should be able to help.

[LICY]

Although we were seeking a mortgage whilst our villa was being built (finished 2012) so may now be out of date we went to Paragon in the UK. The actual mortgage we had was through Santander.there is a branch in CVO. Initially interest was great but we suddenly noticed after a while we were paying a lot more interest. We asked why and were informed if we had buildings insurance through Santander we could reduce the interest. We looked into this and were very concerned as the monthly payment didn't appear to be the same each month. We chose to pay off the mortgage using our Uk mortgage account as the insurance way forward meant we would have paid just as much monthly of not more. We have buildings and contents insurance by the way, but not at the price originally offered. I suppose the purpose of my post is check out if on have to have their insurance. Good luck.

[alf1956]

Hi Guys

Sorry if this has been posted before but I couldn't find an answer. We are interested in potentially buying a property in CVO and I wondered where to start with Mortgages etc, do people use UK based banks or local Portuguese banks for Mortgages? Any benefits either way?

Ideally I wanted to buy this through my Ltd company as an investment but would need to borrow money.

Many Thanks

Chris

I have sent you a pm

[Michelle546]

Hi
We purchased a property in CVO in March this year and I went through a UK broker who specialises in mortgages abroad. The cheapest offer we got was with Banco BPI in Faro, who was cheaper than any of the banks in CVO. Broker, bank and manager very efficient - would recommend.

Let me know if you want their details.

[Geoff]

Just to say we toyed with the idea of a Portuguese mortgage, but you lay yourself open to currency fluctuations ; we raised extra cash on the UK property and paid cash in Portugal.