Portugal Mortgage Rates

It’s possible to get a mortgage in Portugal in either euro or sterling with Portugal mortgage rates naturally depending heavily on which currency you choose.  Historically speaking euro interest rates have been lower than sterling and this has guided the choice of which currency to choose for many would-be buyers at the time…

But of course interest rates change and it is therefore very important that a potential buyer in Portugal takes advice specific to their requirements and circumstances around about the time that they are going to buy.  And in terms of who to get advice from, specialist advice should ideally be sought from lenders with a presence in the UK and Portugal who understand not only the property markets in each country but also the currencies of each so that the buyer doesn’t incur any unnecessary extra charges or losses when transferring their mortgage amount to their vendor in Portugal.

Typical Portugal mortgage rates and terms at the time of writing this article differ greatly between lenders and brokers, with mortgages for overseas buyers generally less flexible and more expensive – unless of course you head for a bank like Barclays which is essentially a British bank but which is fully operational in Portugal.

The thing about Barclays Bank mortgage rates in Portugal for British buyers is that the bank is aiming to be competitive with the most competitive deals on the ground for local people - so a UK based buyer can rest assured that Barclays will not only give them a good service and an English service even in Portugal, but that they will also do their best to get their customers or potential customers the very best mortgage deal possible. 

Barclays tend to lend in euros for Portuguese mortgages because property in Portugal is priced in euros – this also cuts down on currency transfer risks from fluctuating exchange rates. 

In terms of the general lending criteria – and remember every situation is judged on its own merits so if your ideal mortgage doesn’t fit into this scenario, ask Barclays whether they can help anyway - you can borrow 70% loan to value for 20 or sometimes even 30 years (as long as you are repaid in full by your 75th birthday) with interest rates being linked to the EURIBOR or European Inter Bank Offered Rate.

If you want to find out all about how much you can borrow, how to go about getting the mortgage application process started and how Barclays can potentially assist you to buy your dream Portuguese property, click here, complete Barclays’ short form with your contact details and a bank representative will call or email you and supply you with all the details and advice that you need.