Millennium BCP, PBI, and UCI offer mortgages for non-residents
Millennium BCP, PBI, and UCI offer mortgages for non-residents

Mortgage in Portugal for EU citizens: what are your options in 2024?

Non-resident borrowers with a good credit score and a reliable source of income can usually get a mortgage in Portugal easily. Discover all you need to know about securing a mortgage in Portugal as an EU citizen, including the key conditions and options available in 2024.

Delia Mihuț
Written by: Delia Mihuț
Published at 2024-04-09
Last updated on 2024-04-29
Readtime 4 minutes

Dreaming about living on the European Coast, in a sunny country, close to the ocean? Portugal might be the perfect fit for you. 

The good news is that you can secure a mortgage here without any major restrictions as an EU citizen, and Homevest, as a digital service, can help streamline the process directly from abroad. 

Read on to discover mortgage options, lending criteria, and deposit requirements.

Is it easy for EU citizens to access a mortgage in Portugal?

Getting a mortgage in Portugal as an EU citizen is pretty straightforward. Banks offer options to both non-residents and Portuguese expats working and living in European countries. 

Of course, there are certain conditions to fulfill, such as having a good credit score and a reliable source of income. 

Also, a larger initial deposit increases your chance of getting the desired amount to buy the property. 

Some lenders may require non-residents to deposit a minimum of 30% of the purchase price. However, depending on your financial circumstances, lenders may lower this percentage if you have Portuguese citizenship.

What are the mortgage conditions in Portugal for EU non-residents?

Non-residents who want to buy a property in Portugal with a mortgage face slightly different regulations than residents.

To effectively plan your property purchase, here are some conditions to keep in mind:

  • loan-to-value ratio (LTV) between 75%-80% of the property’s purchase price for EU non-residents
  • maximum debt-to-income 35% to ensure that you are not overextended financially and can comfortably afford the mortgage obligations
  • deposit requirements: 20% to 50%, depending on your financial profile and the lender's policies
  • repayment length: 5 to 30 years for EU non-residents

If you are a Portuguese living abroad, you may enjoy better financing options. Some banks may offer a higher loan-to-value ratio, up to 85%, and extend your repayment terms to as long as 40 years. 

What are the best mortgages in Portugal for EU citizens?

Portuguese banks offer competitive options that can accommodate different needs and possibilities. 

Take a look at the options listed below to help you decide the best option for your financial profile:

Key features
Loan amount range
Millennium BCP
Key features
flexible repayment term, between 5 and 30 years quick application process a minimum property purchase amount of 100,000€ mortgages can be signed in even less than 1 month
Loan amount range
minimum €10,000 - maximum up to 80% of the purchase value of the home
Key features
no obligation to contract insurance at UCI up to 70% of the house purchase value or the house appraised value (whichever is the lowest), depending on the customer’s profile and the guarantees provided fast approval of the loan
Loan amount range
maximum amount of €3,000,000
Novo Banco
Key features
full-remote banking process no obligation to life insurance for the acquisition of secondary own housing or for renting, 80% of the appraised value of the house or 80% of the deed value (the lower value is chosen)
Loan amount range
up to 80% of the purchase value of the home
Banco PBI
Key features
accepts various currencies, making it accessible for various nationalities of non-residents opening fee of 1% 
Loan amount range
75,000 to 1,500,000 EUR

Learn more about the best Portuguese mortgages for non-residents and discover a handy comparison. 

What are the current mortgage rates in Portugal for non-residents?

The average interest rate for non-residents can vary between 1% and 8%. This variation is influenced by factors such as the property’s value, the size of your initial deposit, and the type of mortgage you opt for. 

For example, some banks offer fixed-rate mortgages at 3.5% for up to 5 years when the loan-to-value ratio is up to 70%, while variable rates can start at 4.1%. 

Portuguese expats can access better mortgage offers, depending on their financial profiles. 

Homevest assists EU citizens in securing mortgages in Portugal while living abroad

Dealing with a foreign system can be overwhelming, especially when unfamiliar with the language and local regulations. In this context, frustration often increases when handling the required documents for banks.

The good news is that there’s a solution that offers a user-friendly platform to centralize your cross-border house-buying experience in one place. Homevest is a digital service that simplifies and accelerates the mortgage process in Portugal for international buyers. The platform helps applicants by sourcing the necessary documents for bank review, ensuring all required paperwork is easily accessible in one location.

Homevest has partnered with Reorganiza to ensure the speed and efficiency of your application process. Your application is presented to the top banks for non-resident buyers, enabling you to receive offers within a week.

What are the costs of getting a mortgage in Portugal as a non-resident?

The costs of getting a mortgage in Portugal as a non-resident can vary depending on several factors, including the lender, the specific terms of the mortgage, and the value of the property being financed. 

Here are some common costs associated with obtaining a mortgage in Portugal:

  • opening fee: 300€ + 4%
  • property valuation fee: 212.50€ + 4%
  • administrative and contract fees: 400€ + 4% tax 
  • solicitor services: 316.65€ + VAT
  • property tax: 1-8% of property value 

Budget separately for these expenses, so that you won’t be taken by surprise. 

Additionally, consider consultancy services from financial advisors or mortgage brokers. They can provide valuable insights into expected costs and help you prepare accordingly. 

Securing a mortgage in Portugal for EU citizens is within reach

With accurate information and expert guidance, buying property in Portugal as an EU citizen is a tangible goal. 

  • make sure you’re financially ready by having an initial deposit and a reliable source of income
  • compare interest rates, loan terms, and repayment options, to make sure you choose the bank that aligns best with your needs 
  • gather all necessary documentation and submit it to bank approval 

Digital platforms like Homevest can speed up the process. By compiling all documents and comparing mortgage options from different lenders in one place, you save time and make informed decisions.


Sources used in this article in April 2024:

  1. Mortgage loans - Millennium Bank
  2. Mortgages in Portugal for non-residents - UCI Bank
  3. Mortgage in Portugal: your guide to buying property for expats 
  4. Portugal Bank Lending Rate

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.

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