Millennium mortgage for non-residents in Portugal: everything you need to know

One of the banks that many non-residents looking to buy property in Portugal choose is Millennium BCP. 

Not only can you easily open a bank account with them as a foreigner, which is handy in itself, but you can also get a loan for your Portuguese property.

To help you through this process, let's see what documents the bank needs from you and what requirements you need to fulfill.    

Buying a property can be stressful, but Homevest makes the process easier and transparent. You will always know what to do and when to do it. 

What are the mortgage options Millennium offers for non-residents looking to buy property in Portugal?

Millennium BCP is an excellent option for non-residents of different nationalities interested in obtaining property financing.

The bank offers the following mortgages:

• 5 to 30-year fixed rate
• Variable rate indexed to Euribor 3, 6, 12 months (plus spread)
• Mixed rate (fixed in the first 2, 3, 5, or 10 years), followed by a variable rate

What are the eligibility requirements for a Millennium mortgage?

As with most other banks and lenders in Portugal, the requirements for getting a loan are clear-cut, for residents and non-residents. 

As a foreigner looking to buy a permanent home or holiday home in Portugal, you must have an income in your home country. 

This can be any type of income, and you'll have to prove it by supplying them with your tax return, and payslips. 

The bank doesn't have a favored type of applicant. However, if you're a digital nomad, lawyer, doctor, engineer, or similar, you have better chances of getting a loan.

Also, your monthly loan expenses (including this loan) shouldn't be more than 30%. As for age, you shouldn't be older than 72 at the end of the mortgage. 

And lastly, the maximum LTV is generally 75%, and the good news is that Millennium doesn't require proof of deposit. That means one less document for you to get. 

However, be aware that the minimum property purchase is 100,000 EUR. 

What documents are required for a Millennium mortgage in Portugal?

Millennium, like other Portuguese banks, requires certain documents from you. These are standard requirements for any bank in Portugal. 

By having these documents ready, you can feel prepared and confident when applying to multiple banks. 

The personal documents required are:

• Copy of Passport or ID
• Last three payslips
• Last three bank statements
• Statement from your employer stating the date of admission, your position, and the nature of your contractual relation (such as permanent or temporary employment)
• Taxpayer Number (NIF) for everyone involved
• Proof of residence

Property documents:

• Location Plan (if there is one)
• Copy of Legal Description or "Modelo 1" (Form 1)
• Building or apartment plan
• Caderneta Predial (Legal Description) or Cadastral Certificate
• Property Description Certificate
• Housing or Usage License
• Municipal Property Transfer Tax Statement

Compare the best mortgage offers with Homevest

Before making a decision, it’s recommended that you compare different options and explore the available alternatives. The great news is that you don't have to handle this alone.

Homevest connects you with top Portuguese banks for non-residents through one platform. 

Upload your documents just once to receive multiple offers. You'll have a dedicated mortgage broker who will clarify the details of each bank’s proposal, providing you with personalized guidance.

There are no hidden fees when using Homevest. When your mortgage is completed, Homevest receives a commission from the bank. This fee varies by bank, but it does not increase the cost of your mortgage.

Millennium mortgage in Portugal for non-residents: pros and cons

The whole process of getting a mortgage is relatively simple and every time we interacted with the bank, we were pleasantly surprised with the quality of their responses. Why surprised? Because every bank in the country has devastating reviews. 

However, it often depends on who your bank teller is that day, and if you can make a connection with a specific staff member, they will remember you and will be of much more help in the future, too. 

Pros

• quick and simple application process
• mortgages can be signed in even less than 1 month
• loan amounts from 25.000 to 2.000.000 EUR

Cons

• minimum property purchase amount of 100,000 euros
• need to be present in person for the signing of the agreement

All in all, Millennium BCP is one of the better choices for obtaining a mortgage as a foreigner in Portugal. 

Still, you might want to shop around for better deals, and that's exactly what you can do with Homevest, a fee-free online platform that helps you compare mortgages in Portugal. If you want to explore additional options available in the market, check out Bankinter mortgages or Santander financing. 

Sources used and checked in May 2024:

1. Millennium required documents
2. Millennium mortgages

We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.