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Overseas Property News
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Financing a home in Portugal
Country: Portugal
19 June 2008
There are various ways to finance your property, including arranging a new mortgage on your overseas home; buying outright using savings, or releasing equity in your UK property.
According to Richard Exton, director of Barclays Buying Abroad, it is worth taking advice from your bank or financial advisor to find the right option, but with local mortgage markets around the world developing quickly, taking out a local mortgage is becoming a firm favourite with British buyers. This is even more relevant today given the strength of the euro against sterling.
Exton told Homes Overseas online: “Purchasers need to establish how much cash is needed to pay the deposit and associated costs, before looking for a mortgage. The level of deposit varies particularly if you are buying off-plan, but to be on the safe side you should budget for around 40% of the purchase price. Another 10-15% of the purchase price should be put aside to pay for costs such as legal and professional fees, applicable local taxes and other fees - though the exact costs will differ depending on the type and price of the property.
"Overseas property markets such as Portugal offer a range of products to non-residents including interest-only, fixed and variable rate mortgages in euro currencies. Whether you're buying a villa in the Algarve or a chic apartment in Lisbon, Barclays Buying Abroad offers a range of overseas mortgages to suit the type of property you're buying and your requirements. Ideally suited to buying off plan properties for sale in Portugal is the staged payment mortgage, which releases up to 40% of the purchase price during construction in accordance to your Purchase and Sales Agreement Contract (PSAC)."
Some properties in Portugal
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Price: €320,000
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Type: Apartment
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Bedrooms: 5
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NEW Rent2Buy Solution – Move now into the home of your dreams; buy it within five years – ask for details
This detached five bedroom villa plus a multipurpose room is situated in Minas - Serra, close to the town of Tomar in central Portugal.
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View details | Enquire further
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Price: €15,000
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Type: Land
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Plot with 1720 sq. metres located in a quiet area some 10 mins. from Matos. Approved project to build a villa with 185 sq. metres covered area. Details of the project can be seen on the photos.
· Gross area for construction: 210 sq.m.
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View details | Enquire further
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Price: €25,000
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Type: Cottage
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Bedrooms: 4
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Stone Cottage for rebuilt and plot with 600 sq. meters located in Mourolinho near Ferreira do Zêzere. Approved project to build a villa with 240 sq. meters covered area. Large plot for garden and planting with good views near a small river.220
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View details | Enquire further
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Price: €35,000
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Type: Land
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Plot with 1240 sq. metres located in a quiet area near the town of Tomar. Approved project to build a villa with 279 sq. metres covered area. Excellent views above the town Tomar. The property has a well with water.
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View details | Enquire further
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Price: €67,500
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Type: Studio
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Bedrooms: 1
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Excellent apartment, broad areas, excellent condition, near to the beach, with new kitchen and equipped. guaranteed profitability. AMAZING PRICE<
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View details | Enquire further
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Price: €67,500
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Type: Studio
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Studio situated in a private condominnium with garden, swimming pool and BBQ. In good conditions. Furnished and equipped.
Quiet area near the Falésia beach and Vilamoura Marina
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View details | Enquire further
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Price: €85,000
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Type: Apartment
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Bedrooms: 1
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EXCELLENT ONE BEDROOM APARTMENT REFURBISHED, WITH SEA VIEW. 50 mts FROM THE BEACH. QUARTEIRA LOCATED IN CENTER OF QUARTEIRA NEAR OF ALL SERVICES. NEW AND EQUIPPED KITCHENETTE, DOUBLE GLASS WINDOWS, NEW PLUMBING AND ELECTRICITY, FURNISHED.
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View details | Enquire further
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Price: €91,100 EUR
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Type: Apartment
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Bedrooms: 2
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Apartment with communal swimming pool
Ref. MA-APT-SC-0014
Region: Silver Coast/ Costa de Prata
Localization: Cadaval
2 minutes walking to the post office, cafés, restaurants.
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View details | Enquire further
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Price: £195,200 Bedrooms: 3 Baths: 3 - 2 ensuite 200sqm open plan living. Polished stone floors. Private balcony, terrace & garage. Sea & garden views. Communal pool.
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Prices from: £147,200 Bedrooms: 2 & 3 Off-plan in Fuseta, Olhao. 30 two-bed, two-bath apartments & 20 three-bed, three-bath semi-detached villas.
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Price: €785,000 Bedrooms: 3 Funchal: Luxury, comfort and practicality. extensive external terraces. Access to 18-hole Palheiro Golf course.
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