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Mortgage Regulations In Portugal

Discussion in 'Portugal Property' started by DrQ, May 11, 2008.

  1. DrQ

    DrQ New Member

    I am in the market for a mortgage in order to buy a property in the Algarve. I have recently read a couple of reports about people who purchased in Spain and subsequently defaulted on mortgage repayments. According to Spanish regulations the banks can pursue outstanding mortgage related debts against assets in the UK. As I understand it this differs to the UK where lenders are only able to seize the property itself that the mortgage was taken out to purchase.

    Does anyone know how Portuguese law works here?

    Regards
     
  2. Portuguese Law

    Portuguese Law New Member

    The applicable laws are more or less the same as in the U.K. that is the bank will start its credit collection by the property covered by the mortgage if that is not eneough to cover the debt the bank can also ask the Court to freeze assets owned by the Debtor.
    Regards
     
  3. Magellan

    Magellan New Member

    Surely though they would have a hard time going after assets outside the country?
     
  4. Portuguese Law

    Portuguese Law New Member

    Well, yes and no!
    At the end of the day it will all depend on the mortgage coverage (eg it may cover immovable property outside Portugal) and the the value for the debt.
    If the Lender has a huge amount has a credit it might be usefull to use the tool provided he as already a Portuguese Court decision that will enable him to enforce it abroad ( of course the procedure and tits time lenght to recognise the force of such decision will depend on each jurisdiction)
     
  5. lena green

    lena green New Member

    DrQ,

    Go straight to Lloyds offshore to get your answers they are just about to pen in Portugal.
    Rates are 6.25%. +/-


    Your contact there is

    M/s Sarah Markai
    Business Development Manager

    Tel.+350.560.00144
    email sarah.markai@lloydstsb.gi
     
  6. Vitor Mota

    Vitor Mota New Member

    Hello
    I´m Portuguese and owner of a real estate...i usually work with english clients so i have to deal with this issues since i have many contacts from banks here in Portugal...i can give you one hand in case you´re needing a mortgage.
    my contact is +351 968992425.
    My name is Vítor
    mail: miraldomota gmail com
     
  7. lena green

    lena green New Member

    Hii Vitor,

    Maybe you can help me, I amlooking for finance, not a mortgage to build property on land I own, could you contact me please 00351.967377059 or info....at...opipt.com
     
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