Non-resident mortgage: "The intermediary who helped me negotiate with the banks."
As for housing credit for non-residents in Portugal, the process may seem confusing to foreigners. So, we spoke with Kristen (fictional name), who explained how her process unfolded and the importance of asking for help from a credit intermediary.
From her American origins, Kristen carried out her process of buying a house with a mortgage in Portugal, without speaking the language and starting in a "dreamy mode," she confesses.
Their first step was to search for properties on Idealista, to understand the options available in the market, prices, and locations. They ended up starting the process with "a small real estate agency recommended by a friend," which they felt was the perfect fit for them. This is because they claim that the agency "took time to understand" what they were looking for, sending lists of houses online in order to save time on the houses they would actually visit.
On the housing credit side, Kristen admits that hiring a credit intermediary was essential. This helped her gather tax returns, both Portuguese and from the United States, and her receipts to prove her financial ability to repay the loan. "My situation is different from people who have a work contract," she confesses, but the intermediary did not hesitate to help.
Thanks to the digital ease that exists nowadays, it was possible to send all documentation online, "securely, through WeTransfer", without needing to "translate or pay for translation", says the American.
But the process of hiring a home loan is not simple. And it was here that the role of the intermediary was relevant: "This was the credit intermediary that helped me understand the entire home loan process, and negotiate with banks to ensure the best conditions," referring to Poupança no Minuto.
Kristen points out that she could probably request the simulations on her own, "but when buying a house time is crucial." "I missed out on some apartments by not being fast enough, and the credit intermediary helps with that, because it advances quickly with several simulations, without me having to waste time with each bank individually," she warns.
So, the current owner claims to recommend these services to friends who also want to buy a property in Portugal with a mortgage. Since everyone around her claimed not to believe "how easy the process was." "I found the apartment, got my housing credit approved, made an offer for a property, signed the CPCV (Promissory Contract of Purchase and Sale), and finalized the deed, all within one month," and therefore, "wouldn't do anything differently," she concludes.
If you want to advance with these processes, know that the Poupança no Minuto (Savings in a Minute) offers a credit intermediation service for free, quickly and assertively. With our agents, you ensure personalized service and the key in hand to your property in Portugal in the shortest time possible. Contact us now: