Mortgage

[robc]

Originally Posted by Martins

I believe that the only problem with the process was your age, but it's just a opinion, I'm not an expert in banking stuff.

For example, I've got a friend that works in Portugal, single and earning about 1000€ per month, and the bank gave him a loan of 60.000€ to buy a apartment.
It is a loan of 40 years and he's 25 years old, he doesn't have any fixed expenses, besides the house loan.

If you have 50 years old and ask for a loan for 20 years, or 40 years, I believe it's almost impossible to get a loan in that case.

I disagree regarding the age.

I am an expert in Banking stuff as that is what I did until I took a handshake from the City of London and retired at 45, maybe it was because my wife was the Director of a large Building Society and was given early, and I mean early retirement on full pension as well.

Maybe it was because we fell in to the criteria of having a repayment mortgage with a term comfortably inside the lending parameters. As you will find, the parameters change almost daily. Perhaps when they said repayment mortgage they really meant interest only..............etc. etc.

You will also find that the LTV% will change at a moments notice, as will the repayment term, as will the arrangement fees, as will the especialidades you will need to present (when I say you, I mean you or your seller)..................I could go on.

The amount earnt per month bears no relevance to the mortgage amount, it is the affordability which matters, typically about 35% of NDI, but also subject to change no doubt.

Given what may possibly befall Sovereign states currently attached to the Euro you may want to rethink your strategy regarding affordability.

Either way, get some good solid advice, and do not rely on hearsay and friends.

Rob

[canoeman]

Equally a friend has lost the sale of her house here to two separate Portuguese couples who where both turned down for mortgages of lesser amounts despite having in one case a substantial deposit and both having guarantors, age I don't believe comes into it as an English retired couple 60+ I know got a standard mortgage here to complete a purchase, think your friend extremely lucky to get a 60,000€ mortgage on 1,000€ pm salary maybe before current crisis

[andyp65]

I have to agree with robc and canoeman on this, i deal with mortgages on a daily basis and it is not easy, my clients are forever jumping through hoops, they provide everything that is requested and then the goalposts are moved, if you are able to sort out from the UK then my advice is to do that. All the banks over here have huge amounts of repossessed houses on their books and they do not want to increase this figure so they are being cautious to say the least on who and where they are lending.