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The Return of Mortgages for Young People

Many young Portuguese people are already making the most of new advantages which have appeared in the housing credit market. After the abolition of subsidized credit in 2003 and during the economic crisis, it was very complicated to obtain a bank loan; now we have greater flexibility from the banking institutions.

At present, some banking institutions have already begun to offer conditions and advantages to young people up to the age of 30 who want to buy a house.

Crédito Agrícola has launched a campaign for young people (aged 18 to 30), with three options:

1. Constant instalments (with variable rates at the 12-month EURIBOR or fixed rate of 3, 5, 10 or 15 years), with the possibility of a spread bonus;

2. Attractive financing for Crédito Agrícola properties;

3. Credit on debt handed over from another financial institution (minimum amount of 25,000 euros) which can allow a reduction in the monthly payment and an extension of the loan term;

Novo Banco offers a bonus on the spread to young people up to the age of 35 which is reflected in a direct rate discount of 0.1%.

Millenium BCP offers an additional 0.2% discount on the spread for young people up to 34 years.

The Prestação Mista (Mixed Benefits) method is presented by BPI, which allows, during the first decade of the loan, the benefit of a lower instalment which is progressively increased by 0.25% each month. After 10 years, the monthly payment will have a constant value until the end of the contract.

Young Portuguese people are now able to obtain housing credit with attractive spreads and longer repayment terms and, with this, they can finally start looking for their first home. This is the time to contact Casas do Barlavento to help you find the ideal property.