Mortgages Portugal

Professional Investment Consultants (Europe), the western Algarve’s leading independent financial advisors, have launched a dedicated subsidiary called www.mortgages4portugal.com to handle the ever-growing demand for mortgages from clients buying property in Portugal. Offering a personal, hands-on approach to sourcing the right mortgage from the best provider, the new service has given partners Mark Ellis and Fred Hurley a 98% success rate in obtaining mortgage offers for both residents and non-residents alike.

By providing this one-stop shop at no cost to the client, coupled with their financial advisors approach to sourcing the best mortgage to suit, the success of the new venture has been overwhelming. “We ensure that all clients complete a ‘Financial Fact-Find’, which serves a dual purpose” says Mark Ellis. “Firstly for compliance, as the regulators of our industry require it; and secondly it provides a clear picture of a client’s financial situation, from which we can decide whether a mortgage application is viable and to which banks currently offering the best value, we should approach for mortgage quotations.”

“Gathering this information has become particularly important recently, due to the change in pension legislation in the UK and Ireland. We’re now seeing a steady rise in clients looking to purchase property here in Portugal as an investment to go into their personal pension plans; so the correct financial advice plays an integral part in the service we provide.”

Once PIC realised that there was such a strong demand for mortgages, they carried out extensive research - with the assistance of many of leading Portuguese banks - and designed a mortgage service they proudly claim is second-to-none.

Fred Hurley, PIC’s Branch Manager, confirms: “Yes, the new service is proving a great success - all our clients will attest to that. Furthermore, we provide the service at no charge to clients, so they can see from the start that we’ll only be paid once their mortgage had been approved and funds actually transferred to their account. In this way, we’re incentivised to offer the best service and source the right mortgage for each individual client. We’ve always been very transparent regarding charges and we’re continuing this with the mortgage service, so clients know precisely not only what the repayments will be, but life and building insurance premiums also. In addition, we set out exactly what the bank valuation and administration fees will be, together with legal and notary fees, property transfer tax (IMT) if applicable and Imposto de Selo (stamp duty) charged on the loan.”

Mark Ellis went on to comment, “We realised that non-resident clients require a service that not only identifies the right mortgage for them, but also provides assistance in the process of gathering the plethora of documents required by some banks. In Portugal there are no defined rules on what documents the banks need, so no list is exhaustive. Also, there’s the necessary liaison between the bank, the client’s solicitor and real estate agent, to ensure that all the correct documents are available for the bank to register the mortgage. Clients can’t do that for themselves unless they’re physically here in Portugal, so we ensure that all’s ready for the deed signing. In this way it isn’t necessary for the client to be in Portugal - provided of course that his/ her solicitor or lawyer has the requisite power of attorney. We’ll oversee the rest!”

Mark Ellis and Fred Hurley have over 15 years combined experience in the Finance industry. Find out more about Portugal mortgages at: http://www.mortgages4portugal.com