Apartment with two bedrooms. New.
With direct access to highway and 5 minutes from the airport, Comprising a suite and a bedroom with balcony, living room with 30m2 with balcony, a bathroom and private park.
The municipality of Santa Cruz is the second oldest city of Madeira and is located by the ocean in the southeastern part of the island.
Recently, along the beach, a modern beach complex was constructed which is ideal for a joyful yet unforgettable evening with the family. You can easily find restaurants overlooking the sea and on good days you may get a glimpse of the Desert Islands.
Gaula is located 400m above sea level, in the rural area between Funchal and the Santa Cruz airport.
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.