April 16, 2007
New flexible Portuguese mortgage
With the emergence of a new loan which allows the property owners or investors to defer as much as 30 percent of the purchase price on the Portuguese property or land until maturity, there is more than a definite chance for property owners to purchase their properties in Portugal for less than years.
In particular, this loan covers the following: potential purchasers such as younger buyers struggling to fund the initial deposit required for their property; potential retirees who are yet to sell their United Kingdom home; those with considerable situations outside home but whose situations eventually will change; and those who wish to afford a more costly property.
According to the deputy general manager of Santander Totta’s London branch Siimon Perks, this is very much welcomed by property owners as the flexible mortgage will enable the buyers to have their finances closely related to their situations. “This will allow many purchases to manage their repayments according to the lifestyle they have now, while still planning for the future.”
The residential mortgage is allowed in many currencies: from Euros, Sterling, Swiss Francs and of course, US dollars and the fun doesn’t stop there. It also gives to buyers from the United Kingdom to take out a 70 percent capital repayment mortgage in a span of 25 years with the choice of repaying the remaining 30 percent when the loan period has just ended.
The potential borrowers would pay repayment and interest charges on 70 percent of the loan and the interest is only seeded on the remaining 30 percent of the loan. When it matures, this is the time they would repay the remaining 30 percent owed to the property of the bank.
Posted on: Portugal
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