Cape Verde Property Finance
Mortgages in Cape Verde
A rough guide aimed at overseas property buyers seeking a
mortgage for property in Cape Verde
The Cape Verde property market is still relatively unexplored,
compared to more established markets of Europe. Cape Verde is
emerging as one of the international property stars, being such a
highly attractive location. There is a stunning coastline studded
with white-golden sand beaches.
Obtaining a mortgage for property in Cape Verde:
Mortgages include Residential and Investment Properties
Types of Mortgage: Repayment only
Minimum: loan amount N/A - No Maximum, but must not exceed
70% of valuation or purchase price
Proof of Income: Required in all cases. Mortgages need to be
supported by a minimum requirement of proof of income,
Employed: copies of your last six month’s payslips & copies of your
latest two P60’s together with copies of your last 6 month’s
Personal Bank Statements.
Self-employed: copies of your last three years Audited Accounts &
copies of both your last 12 month’s Business and last 6 month’s
Personal Bank Statements will be required on application.
Bank Account required to be opened with lender
Term: 25 years up to age 60
Currency: Capeverdean Escudos CVE
Current Variable Interest Rate: from approx 9%, dependent on
LTV (Euro mortgages possible indexed to Euribor)
Mortgage Advice
- Before you enter into any property purchase you should
consider the following things:-
- Appoint a good lawyer who can carry you through the process
till completion
- Only buy what you can afford.
- Do not overlook Foreign Currency Fluctuations and all
closing costs.
- Make sure you have a good Idea of what mortgage you will be
able to secure prior to entering into any contract to buy
- Remember that when taking out an overseas mortgage you will
have to declare full details and your assessment will be made on
the affordability to pay and not income alone
For more information on
overseas mortgages click here |
