Three bedroom apartment located near the center of Funchal in a residential area in a private condominium with parking (basement), storage room and swimming pool.
Recent construction, with very good finishes. All bedrooms have fitted wardrobes, double glazing, wooden floors, alarm system, solar panels,kitchens with flood detection system and gas leaks, reinforced access doors, video intercom and much storage.
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.
ABOUT PRIME PROPERTIES MADEIRA REAL ESTATE
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Prime Properties Madeira Real Estate is a local, well-established, licensed, real estate agency providing a complete service to international buyers looking to invest in Madeira, Portugal whether for holiday homes or permanent living residence. Our properties include villas, houses, quintas, apartments, land and commercial properties. We also offer a PROPERTY FINDING SERVICE, working with a few select real estate agencies in Madeira to deliver a personalised service through the entire purchase process from viewings, negotiation, legal expertise, mortgages, relocation etc. We pride ourselves on working together to European standards of honesty, integrity and transparency. We provide excellent after sales service.