Mortgage application requirements

Its possible with careful planning and help from us and our lawyers to process a mortgage application. You will be required to provide certain documents and sign a application form and post it to us here so we can make the application for you. Please read below to determine the documents required to make a successful application. Please note that these documents should be of high quality if to be faxed. Or better still scanned and emailed (This is probably the best option) 

First thing is to apply for a Fiscal Number. This is required before any loan application can be submitted. Please note that due to recent Tax Law changes. Non residents are required to have a Fiscal representative. This representative (Usually the lawyer used for the property purchase). However please be aware that this position comes with a large responsibility and we would only be prepared to introduce you to our lawyer, only if you agreed to use her as your property lawyer, even if you buy through another agent. This way she will be able to keep on top of the responsibilities that come with being your Fiscal representative.

General
Portuguese Tax Number (Número Fiscal de Contribuinte)
Copy of ID card (s) or passport (s).
Last six months personal bank statements – current & savings;
Birth Certificate (document with name of the Father and Mother) 

If Employed
Last year tax returns (P60 in the UK);
Last three months pay slips;
Reference from employer (simple letter stating that has been working with the company for a certain time, plus the normal considerations in this regard);
Summary Assessment of the Tax Return.

If employed by a limited company with a shareholding of 20% or more
Last year tax returns;
Last six months business bank statements;

If self-employed
Last year tax return / tax computation;
Last six months business bank statements;
Summary Assessment of the Tax Return.

Other Income (if applicable)
Confirmation of Pension received for the last three months;
Confirmation of Rent received – copy tenancy agreement plus:
Copy of bank statements showing rent payments;

Liabilities (if applicable)
Latest mortgage statement;
Details of personal loans (principal due, monthly instalments);
Copy of tenancy agreement;

House Documents:
Plans / Drawings of the site and or of the property;
If constructing / renovating the property – copies of the Planning Permission and Building Licenses;
Credit Report;

Please download the official application form HERE Requires Adobe Reader.
Download here if required AdobeReader

The above process will enable us to apply on your behalf and get an answer normally within 3-6 Days. This, if successful will then allow you to choose a suitable mortgage product best suited for your requirements.

It will not force you into a mortgage it will just give you a head start on your purchase.

When you arrive in the Algarve you will be able to make an offer on a property knowing that the finances are already in place (pending a survey on the property) This will help move the process along smoothly and allow you to put a deposit on the property and secure the sale.

This has been the part in the past where clients have lost their property due to too much time being lost applying for a mortgage after they have found their ideal property. You should be aware that most properties for sale in the Algarve are marketed by many agents and they are not taken off the market until a 25-30% deposit has been secured.