The apartment. is located at the parish of Caniço, and town of Santa Cruz.
It is sold Freehold.
It has 2 bedrooms and 2 bathrooms.
Property with 1 floors.
It was built in 2004
The size of the apartment is 88m2 and with a nice big veranda of 65m2
It is close to public services, supermarket, airport, buses and public transport
It is in good condition.
It is 20 minutes from the centre of Funchal.
The shared areas are halls, parking space.
Garajau is a small coastal village close to Caniço, east of Funchal.
Mortgages - Non Residents
The Bank will verify if the applicant is in a financial position to be able to meet the conditions of the loan which will be based on 'affordability'.
If an applicant is self-employed, an application must be accompanied by audited accounts for the previous three years together with the current year's management or unaudited accounts, satisfactorily certified by an accountant acceptable to the Bank, together with three years tax returns.
The Bank will usually consider lending up to 65% of the valuation of the property, or purchase price whichever is lower.
The security will be either a mortgage over the property or if the property is owned by a company (which the Bank requires to be managed by a specialist management company from it's approved list) the Bank will require a charge over the shares of the company along with a mortgage registered on the property. The Bank will recommend an assignment over a suitable life policy.
It will also be a condition of the loan that the property is insured for it's full replacement value and the Bank's interest noted thereon.
Valuation of property
Approval of any loan application will depend upon the Bank's valuers providing a favourable report on the property, the cost of which will be borne by the applicant.
Once an application has been approved by the Bank and the terms and conditions have been offered and accepted, all legal documents will be prepared by the Bank's lawyers with all legal fees to be borne by the applicant.