What are the requirements to obtain a local mortgage?

The first thing you’ll need to do is obtain a NIF (Portuguese fiscal number), without which you won’t be able to open a local bank account. You can either do this in person and for free by going physically to a Loja do Cidadão or Finanças office, with your passport and a proof of your current residence abroad, or by having a lawyer or other representative do this for you for a fee.

The next step is to choose a bank. The most well-known Portuguese banks are Novo Banco, Millennium, Santander, and Caixa Geral de Depositos. They’re not all created equal, so do your research, potentially use a broker, or better yet get a warm recommendation to a specific banker. 

In order to prepare your mortgage offer, the bank will ask you for the typical information, including:

- Your ID- All administrative documents related to the house you want to purchase

- Your complete financials (tax returns in your country is fiscal residence, bank statements, proof of existing debt or lack thereof, etc)

- If you are an entrepreneur and run your own company, you can qualify for a mortgage in Portugal! You will be asked to show proof of your ownership in your business as well as documents showing your expected revenue for the next year, such as signed contracts with clients for example.

Finally, in Portugal mortgage terms can run until you reach 75. For example, if you are 40 years old today, the maximum length of your mortgage would be 35 years.