July 9, 2022 – BuyProperty.com, Portugal’s fastest growing property portal, has launched a new mortgage tool that includes an automated online mortgage calculator and simulation. This will help applicants find the best rate by having lenders compete for their variable, fixed, and mixed rate mortgages.
Borrowers often contact the bank they have an account with to request a mortgage. This results in banks offering higher rates as they know borrowers are likely to accept the first offer provided to them. BuyProperty.com switches this dynamic by sending the borrower’s application to many lenders so the client is in control to accept the lowest rate. This process is especially beneficial to expats moving to Portugal as not all banks loan to all foreigners. Life insurance, for example, is often mandatory and can increase mortgage rates unreasonably, the mortgage tool finds the best rates that don’t require the borrower to have life insurance with the lender sometimes saving €300-€400 a month.
The deposit percentage also plays a factor in determining the best banks to submit applications to. Some will not consider borrowers with less than 30% deposit while others are willing to accept 10-20% deposit depending on the borrower’s residential status.
The biggest advantage comes from this new mortgage tool is helping validate properties as a buy-to-let. Each property in Portugal shows the number of days similar properties rent for, how much per day it rents for, and how much income can be generated for that property as a buy-to-let (minus taxes and expenses). These data insights are valuable for foreigners looking to buy property in Portugal as a Buy-To-Let as it helps validate their purchase as a good investment before purchasing it. These data points were previously only available to agents, now available to buyers for the first time.
Getting pre-approved for a mortgage via the BuyProperty.com mortgage tool provides additional benefits. There are typically more buyers than properties available and some property sellers won’t consider a buyer’s offer if they have not been pre-approved for a mortgage. Other times the property is sold before a mortgage has been approved. By getting pre-approved, buyer’s are better equipped and less likely to miss out on their dream property.
To learn more about BuyProperty.com’s Mortgage tool and calculator, please visit the company’s official website.
About BuyProperty.com
BuyProperty.com is a revolutionary property portal which applies information technology and platform economics to real estate markets for automatic valuations and insights. Since being launched it has gained huge exposure and has become one of the most recommended property tools of this year. Currently launched in Portugal, it will soon expand throughout Europe and the U.S.
Media ContactCompany Name: BuyProperty.comContact Person: Scott KirkEmail: Send EmailAddress:16192 Coastal Highway City: LewesState: DECountry: United StatesWebsite: https://buyproperty.com/
