House Equity line of CreditEquity Credit line
We are an impartial mortgages adviser providing currency brokerage in partnership with Moneycorp, one of the UK's premier currency and cross-border cash transfers companies. If you own a mortgage-free Portuguese real estate in Portugal, Equity Releasing is an excellent way to raise cash.
Up to 65 percent of the banking value of your real estate (including your current loans) can be released, and the duration is 30 years or up to 75 years. Mortgages are principal repayments, but it may be possible to make a payment with a balance that is disbursed at the end of the life of the borrower.
If this is the case, you make principal and interest repayments on eight percent of the credit so that the last credit repayment is a one-time 15 percent one. A number of creditors have equity releasing mortgage products; all have different requirements - some creditors will allow you to return money, others will allow you to stay in Portugal.
It is important that you talk about your plan for releasing resources with a financial advisor so that he can turn to the right creditor for your particular circumstances. For the most part, customers applying for an equity relase mortgage are approaching pensionable life. If you have the means to pay back the debt and enough equity in your Portugal real estate on the basis of an impartial appraisal, you are eligible for an Equity Relase Mortgage.
The majority of creditors need to take out endowment policies for persons resident in Portugal, although non-resident creditors do not rely on endowment policies. When you are considering freeing up money from your real estate, it is likely that you have a time frame on which to work, so it is useful to know what you need to do and how long the trial will take so you can make plans in advance.
Up to eight full week may pass before the resources are available when the mortgages are applied for. All you need to do is fill in an enrolment form and submit accompanying papers and information for your real estate. As soon as all the papers have been gathered and verified, the mortgages request is ready and sent to the lender institution (or banks) which performs a credit investigation and checks whether you can affort to pay back the credit.
After completion of the credit assessment, the creditor sends a mortgages authorisation requiring assessment. Subsequently, the creditor has a rating performed by an appraiser appointed by the bankaccount. It is during this period that the creditor opens a giro transfer in your name (the opening form is part of the loan application).
Upon receipt of the valuer's opinion, the deposit taker will indicate what it is willing to loan you and acknowledge the offer of mortgages. Your lender will make an arrangement with the notary' s offices where a loan agreement will be concluded between you and the lender and the money will be transferred to your banking accounts on that date.
Note that the price of procuring a mortgages differs from borrower to borrower, so it is recommended to consider banking charges of 1,000 Euro to recover the claim, appraisal and contractual charges. You will also be required to provide us with 556 Euro per person for your notarial services, 500 Euro for your incorporation, 0.6% for your stamping of the amount of the loan, and 0.6% for your lawyer's services if you are unable to be present at the document and have requested a proxy to act on your behalf.
It is possible to free up money from your real estate before the end of the year, but you must act now.