Visitors to the Algarve who decide to invest in a holiday or future retirement home may be surprised in the past to find that there were fewer choices here than in their home country for obtaining a mortgage.
However the last couple of years things have changed and speed on approving loans has increased. There are many banks now who are willing to offer mortgages to Nationals as well as foreigners.
For the latter we have to make a differenation between foreigers being Resident and living in Portugal and foreigners having a second home but preferring to have a Portuguese mortage for their Portuguese property.
Besides the National banks like:
- C.G.D. (Caixa Geral de Deposito)
- Millenium Bank
- BCI and others
there are still other foreign banks willing to provide mortgages.
The following can be mentioned:
- Banco Totta e Azores, a Portuguese bank with branches abroad.