Did you know that buying a house doesn't mean spending all your savings? Use a credit intermediary.

Already know the advantages of using a credit intermediary and want to proceed with the request for help with your mortgage? Contact Poupança no Minuto, do not waste any more time. If you are still in doubt ... be sure, by continuing to read the article.

Are you going to buy a house? You don't need to spend all your savings.

Know the capital that needs to be available.

If you are going to buy a house, be prepared to have available a certain amount of capital, which may or may not be high.  

When buying a property through housing credit, you always have to give a down payment to the bank since it does not finance the value of the property 100%. Currently, banks lend up to 90% of the value for own and permanent housing and up to 80% for secondary housing.

This percentage is based on the acquisition or evaluation value, whichever is lower. Note that you may have to give more than 10% (HPP) or 20% (HS), as these are only the minimum limits. It will depend on the profile and financial capacity of the client, but mainly on the bank.  

This means that, for example, if the property you are going to acquire for HPP has an acquisition value of 190,000 euros and an appraisal value of 200,000 euros, and the bank proposes to finance 90% of the value, you need to have available capital of 19,000 euros to provide to the bank as a down payment.

But it is important to always ask for more than one proposal. Ask for credit simulations from various banks, to have a basis for comparison and to get the maximum financing and the best conditions.

In addition, you will still have to pay two taxes on the deed: Stamp Duty (IS) and Property Transfer Tax (IMT). The IS is the oldest in the Portuguese tax system and represents 0.8% of the property acquisition value. That means, on a property worth 190,000 euros, you pay an IS of 1,520 euros.

The IMT is more complex to calculate, as it is based on several factors such as the rate to be applied, from 1% to 8% (differs according to the property value), the location of the house, and its purpose, and it applies to the highest value between the acquisition value and the Tax Assessment Value (VPT). However, you should know that you may be exempt from paying IMT in certain cases, such as when the property for primary permanent residence does not exceed a value of 97,064 euros in the mainland, or 121,064 euros in Madeira or the Azores.

And it doesn't end here... you also need to pay bank processing fees, such as bank commissions and mutual mortgage registration.  

But with a credit intermediary helping you in communication and negotiation with banks, the process can become simpler and less costly (in bureaucratic and financial terms). Let's see how.

Negotiating is easier with a credit intermediary.

How does credit intermediation work?

Credit intermediation occurs between clients and companies that grant credit, in order to bridge between them.  

Therefore, credit intermediaries are responsible for presenting the credit proposals from banks to clients, helping with the bureaucratic part of the necessary documentation to be submitted to banks for credit, and accompanying and advising clients until the day of the deed.

For having experience in the field, credit intermediaries have good knowledge of partner banks and market trends, which is a plus for a client. This is because it becomes a kind of guide, in which you can trust for making decisions regarding credit.

The credit intermediary can help negotiate.

Reinforcing: Credit intermediaries, being experienced in the market, prevent from being deceived and ensure that access to all necessary information is guaranteed.

Pros in negotiation, they achieve clear communication with banks in order to reach the most favorable credit conditions for themselves and their family.  

With the help of a credit intermediary, you can request proposals from several banks and understand which one is the most suitable. Even if you are not satisfied with any proposal, the agent can negotiate the conditions with the banks.  

In this way, it is easier to achieve conditions such as maximum financing in credit, required insurance (life and multi-risk) cheaper, or a lower spread.  

Take advantage of the knowledge and experience of credit intermediaries: Turn to Savings in a Minute to hire your new home loan! With a free, fast, and efficient service, they ensure you do not have to worry about anything and still get the best conditions.