Source: Freepik Author: Redaction According to the National Institute of Statistics , for the second consecutive month the interest rate implicit in all housing credit agreements fell to 4.613% in March. This is a decrease of 2.8 basis points compared to February, at 4.641%. In the last three months, there has been a decrease, for the fifth consecutive month, in the interest rate on contracts signe d, from 4.197% in February to 4.000% in March. The average installment reached the value of 403€, remaining equal to that of February and 72€ above what was found in March last year, which translates into a monthly variation null. According to INE, in the contracts signed in the last 3 months, there was a decrease of € 9 in the average value of the service compared to the previous month, to € 619 in March. This translates into an increase of 7.5% compared to the same month of 2023, and the average outstanding capital for all housing loans rose 233€, to 65,391€. Keep abreast: Around 1.5 million PARI processes were initiated in 2023
Source: SUPERCASA Author: Redaction When you’re looking for a house, a lot of people don’t give up a garage . When you have a house with garage, you benefit from advantages that properties without this division can not guarantee you, namely parking spaces and extra storage space. In addition, having a garage is, nowadays, much more than having a space where you can fix your car or other vehicles, being an extra room of your home that you can organize the way you want. You can turn it into a workshop for your DIY, a dance or yoga studio, a gym or even a small, closed natural oasis where you enjoy quality time. Therefore, a garage is a huge plus and one of the most sought-after attributes. If you are looking for a home, and looking for one specifically with this feature, check out the 7 options that SUPERCASA brings you today and do not hesitate to contact the advertiser to schedule a visit! 3 bedroom apartment in Gondomar, Porto - 250.000€ Semi-detached House T2 Triplex in Nazaré, Leiria - 280.000€ House T6 in Sintra, Lisbon - 385.000€ 1 bedroom apartment in Grândola, Setúbal - 440.000€ Detached House T4 Duplex in Nazaré, Leiria - 465.000€ 3 bedroom apartment in Cascais, Lisbon - 573.000€ 2 bedroom apartment in Estrela, Lisbon - 950.000€ Discover also: Buy house in the coastal strip: 8 unmissable options
Source: Freepik Author: Redaction The Bank of Portugal (BdP) released last Wednesday, April 17, data on the situations of default verified in 2023, which rose from 2022 with half a million families on the verge of default , noting difficulties in paying the house. In this type of situation, mechanisms for the prevention of default were activated, namely the PARI - Plan of Action for the Risk of Default , forcing banks to detect situations of greater risk in advance, and propose solutions to families to avoid non-compliance. According to the regulator, the number of PARI cases more than quadrupled in 2023 compared to the previous year, with banks reporting, on a monthly average, 123,400 PARI cases starting in 2023. In the Behavioural Supervision Report 2023 , the BdP indicates: the increase in the number of PARI started in 2023 is the result of the entry into force, at the end of 2022, of Decree-Law 80-A/2022, which established additional criteria and obligations for institutions to integrate credit agreements for their own permanent housing in PARI, a measure designed to mitigate the effects of the increase in interest rates . Thus, about 1.5 million PARI cases were initiated in 2023, which represents about half a million residential credit agreements, worth 32 billion euros. In addition to the PARI, there was another mechanism for the management of defaults to increase last year, the PERSI - Extrajudicial Procedure for the Regularization of Defaults , which registered, at the beginning of the year, almost 77 thousand cases in this area in housing credits, which represents an increase of 36.5% compared to 2022. Read also: 33% of house installment fixing requests were approved , Minister says it takes supply shock in housing or Banking received more complaints about housing credits in 2023
Source: Freepik Author: Redaction Banco de Portugal (BdP) carried out inspections of more than a hundred institutions where undue collections of interest, commissions and other expenses were determined. These are 8.3 million euros unduly charged by Portuguese banks in 2023, a figure that almost tripled from the 3 million euros irregularly charged in 2022. The information is contained in the Behavioral Supervision Report released last Wednesday, April 17, by the BdP, which indicates that about seven million euros were intended to regularize situations of irregular collection of fees in credit agreements renegotiation operations. In this situation, there was a repayment of almost 5.4 million euros by the banks, which unduly charged in more than 200 thousand operations. There was also irregular collection in commissions related to the processing of mortgage payments, of more than 661 billion euros, and this committee was no longer in force in July last year by parliamentary decree. In the reimbursement fees there was also undue collection , having been returned 500 thousand euros to customers who asked for the amortization of the housing loan with variable rate. Follow more topics like this in SUPERCASA Notícias and stay abreast of all the news
Source: Freepik Author: Redaction More than 8,000 contracts managed to obtain approval for the mortgage loan , a total that corresponds to about 33% of the total applications made by households to banks, under the government measure that provided for a 30% relief in the provision of the house. These are data from the Behavioral Supervision Report , published this Wednesday, April 17, by Banco de Portugal (BdP). According to the information shared by the bank, 25,879 applications for temporary fixation of residential loans by financial institutions were decided between November and February, and 8,636 applications were approved. Conversely, 17,243 applications were rejected, corresponding to 66% of the total, although most of these were by decision of the customer at the time of the request, then deciding not to adhere to the measure, a total of 15,555. As for the number of applications rejected, there were more than 1,000, due to contracts in the process of PARI - Action Plan for the risk of default or because they were already in default, figures that fall short of the government forecasts, anticipated that more than a million people could benefit from the measure. Thus, only 0.8% of the eligible contracts had the fixing of the provision implemented, corresponding to 1.6% of their living amount, obtaining an immediate reduction of about 76 euros, with the unpaid amounts being deferred for the period after the fixation. Follow similar topics: Youth housing credit: everything you need to know , BdP reveals that bad loans are at a minimum
Source: Freepik Author: Redaction Youth housing credit is a funding support provided by financial institutions to help young people aged 18-35 to buy a home. It is a very simple concept to understand, because it is a mortgage similar to traditional with small differences and special conditions, which can mean benefits for young people who want to take the step of buying a house. Moving forward with the purchase of a property today can mean huge charges that not all portfolios can handle, which is why there is a specific modality for the younger ones. How does youth housing credit work? It is important to keep in mind that if you are planning to proceed with a young housing loan application, take into account that there are criteria that you must meet to be eligible for this loan, namely the following. Initial input To start, before proceeding with a request from the bank, you should evaluate your available capital, because the higher the amount you are willing to give for the entrance to the house, the greater the probability of being assigned a financing. To get an approval, you must have at least 10% of the total sale value of the property, however, it is advisable that if you can and have this amount, pay more to increase credit security. Effort rate Your effort rate can’t be high. This means that your home loan can not exceed 40% of the income you earn every month, keeping a balance of your accounts and monthly budget. This is a calculation that the bank will do for you, assessing your financial capacity to be able to ensure the payment of the credit installments. Safe work This factor has an influence on your financial stability, because with a safe job and a stable and regularized professional situation, you will have a better chance of seeing your credit application be approved. If you are effective is a point in favor, getting more confidence from the financial institution. Financial conditions In addition to a stable job, you must gather stable financial conditions, demonstrating that you do not have many charges to your responsibility, or that those you have are compatible with your request for funding. Guarantor A guarantor will intervene on your behalf, assuming the payment of the instalments, if you do not fulfill this obligation, and some banks exist this figure in order to ensure that the debt will be paid. Mixed, variable or fixed rate? How to choose Once you ask for your home loan and all eligibility criteria are assessed, you will be asked to select the type of rate you want for your loan. There are three: the mixed rate, the variable rate and the fixed rate. Mixed rate This rate works in two ways, and in the initial period of your credit, which may be 5, 10 or 15 years, you will have the fixed rate in force, and then the variable rate will be applied. It is then a type of tax that is intended, at an early stage, to help the borrower to organize himself financially during the early years. Variable rate The variable rate is calculated by the sum of the spread and the Euribor index, which will vary over the credit period. Therefore, the variable rate will be paid as the principal interest rates (Euribor) rise or fall, never knowing exactly what amount will pay in the future, as it is variable depending on the Euribor. Fixed Rate This is the safest rate for those who want to always pay the same amount of the instalment, being a rate that remains the same throughout the term of the loan. It usually has a higher value than the variable rate, however, it offers more security to the borrower, who will always know exactly when money has to be available to ensure the payment of the benefit. Concepts to retain Euribor (European Interbank Offered Rate): this is the Euribor interest rate, resulting from the average interest rates applied in the main banks and credit institutions of the euro area in the interbank market. It is the benchmark of the European market. Loan-to-value (LTV): this is the ratio that corresponds to the percentage that the bank can request in relation to the value of the property. Thus, a percentage that determines the value that the bank can lend, against the value of the property, and since no bank lends the entire value of the house, the LTV will vary according to whether it is a loan of greater or lesser risk to the financial institution. Effort rate: this is the rate that will represent the percentage of the total income of the borrower (or couple) that will be used to pay the credit. Thus, it helps to understand what is the available value of the income earned, to meet the expenses after the payment of benefits. Total amount charged to the consumer (MTIC): this acronym is what will let you know how much will cost you, exactly, the mortgage credit, corresponding to the total that you will have to pay for the credit by adding the amount of the loan with the costs of commissions, interest and taxes. Global Effective Anal Rate (APR): this is the rate that represents the entire credit charges, namely bank fees, registrations, taxes, among many others. Spread: this is the interest rate that is applied to credit agreements by the bank and represents its profit margin. What documents do you need to apply for a youth housing loan? • Citizen’s Card; • Receipts from the previous three months (or the most recent ones); • Statement of proof of the entity where you work; • Bank statement for the past few months; • Declaration of IRS. Guarantor: what you need to take into account Most likely you will be asked to elect someone as your guarantor, being this person committed to take responsibility for the payment of the debt if you incur in default of the credit agreement. Thus, your guarantor will be the bank guarantee for your credit, and may be required by the bank in the following situations: • if there is a risk of default; • if the stress rate is high; • When there is irregular credit history; • If you have an unstable financial situation. If the bank finds that your financial situation is stable, compliant and balanced, you can get a credit without needing a guarantor. However, you should always seek to obtain more than one credit simulation, from various banks and financial institutions , to understand which compensates the credit, and the values and rates may vary. We hope to have helped you and we are waiting for you in supercasa.pt to start the search for your future home!
Source: SUPERCASA Author: Redaction The Portuguese coastline is one of the richest geographical areas in Europe. Considered as the gateway to this continent, the coastline of our country offers a diverse and charismatic panoply of iconic locations, beaches that do not end and access to the great urban and cosmopolitan Portuguese centers. It is in the coastal strip that you find the best professional opportunities and the largest number of people of all ages, who maintain their proximity to the coast and to the rich Portuguese maritime heritage . You will find one of the most beautiful landscapes in Portugal, as well as a variety of extremely diverse species of fauna and flora, and a differentiating quality of life. If you are looking for a home and are committed to finding the perfect property for you and your family , SUPERCASA is the right property portal to find it! See the 8 options we have selected for you. House T3 in Argela, Viana do Castelo - 250.000€ Semi-detached house T3 + 1 in Lagoa, Algarve - 339.000€ House 3 Bedrooms in Peniche, Leiria - 389.000€ 2+1 bedroom apartment in Loulé, Algarve - 399.000€ Apartment T2 Duplex in Portimão, Algarve - 410.000€ 3 bedroom apartment in Nazaré, Leiria - 425.000€ House T3 Duplex in Caldas da Rainha, Leiria - 515.000€ House T2 Duplex in Vila do Bispo e Raposeira, Algarve - 595.000€ And if you liked these suggestions, you may also like the following: Looking for a house with terrace? 6 suggestions from SUPERCASA , Live 10 minutes from the beach? Realize this dream with SUPERCASA or Living by the sea: turn this dream into reality
Source: Freepik Author: Redaction A avalista is different from a fiador , although they can be confused by having a similar role . However, if there is a difference between guarantee and bail, the two nomenclatures take separate functions, representing two types of guarantee when granting a claim. Find out the differences so, if you are asked to be the avalista or fiador in a credit claim situation, know exactly what to do, knowing obligations, duties and everything that involves these two concepts. Fiador: what is it, what are your obligations and what risks are you taking? Fiador is probably the term you are most familiar with, and you may even know someone who is, or was, someone else’s guarantor in a lending situation. A fiador is nothing less than the person to whom the obligation to settle unpaid amounts falls if the person who took the credit, that is, the debtor, does not pay it. So, imagine: you have a family member who asked for credit to buy a house, and asks you to be your guarantor. By assuming this role, if your family member fails to pay the installments of the credit, you are responsible and responsible for ensuring these missing payments. We give the example of a family member, because in these situations, the most common is that the guarantors are the direct relatives of the credit borrower, such as parents, siblings or uncles. Thus, the greatest risk a fiador runs is even if the person of which he becomes a guarantor ceases to pay his obligations to the bank, which, in a more complicated situation, may involve the enforcement of his personal property by the creditor , as it assumes responsibility on behalf of the debtor. To mitigate these risks, the fiador can obtain the benefit of the prior exclusion, which allows him not to have to pay the debt until the credit holder’s assets are executed. And know that, when you become a fiador of someone, you will hardly stop being one if you change your mind in the future . A bail only ends after the full settlement of the debt or through an agreement with the creditor , however, and because it is a guarantee on debt compliance, this type of negotiations are difficult. Avalista: differences from fiador, obligations and risks Like the fiador, the avalista will be someone who takes responsibility for the payment of the debt in case of default by the credit holder, through letters or notes. Unlike the fiador, who pays the debtor’s default bond , the avalista pays the guarantee, which is used most often in the financing of legal persons, such as companies and organizations. The guarantee can be achieved by the total value of the debt or a lower one , and a signature on the back of the document is enough to seal the commitment. The figure of the avalista is more relevant for companies , unlike the fiador who acts as guarantor of an individual person. The endorsement thus contributes to the growth of small and medium-sized enterprises , often representing the only way for them to obtain financing from banks. Thus, a avalista is jointly and severally liable, in which both the debtor and the avalista assume the same responsibility in the claim , and the creditor entity may trigger the assets of any of the figures in case of default. It is common for the avalistas to be the partners or administrators of the companies for which the financing is requested from the creditor entities, doing so to facilitate the obtaining of this loan. As with bail, in the event of non-compliance, the avalista’s personal property may be at risk of execution. However, if the avalista presents a vulnerable economic situation, he may request a special procedure for settlement in the payment, with the creditor, based on a payment plan to facilitate and allow the guarantor the commitment made in the payment of outstanding amounts. In the last case, failing to secure the payments, the avalista may request a personal insolvency application with exoneration of the remaining liabilities , that is, request the forgiveness of the debt. If you are clear and would like to learn more about what a credit involves, we suggest you read Building credit: what is it and how does it work? , Credit intermediaries: how do they work? or Cancelling the mortgage: all you need to know
Source: Freepik Author: Redaction Having your own home can be achieved through, for example, the purchase of a property already built, ready to live, or a land where you can proceed to the construction of your dream home , through a project and license. This second option is increasingly adopted by families, who find in it a more economical and personalized solution, and can be cheaper than buying a new property. Still, as with the traditional purchase of a property, building a house from scratch can involve a large investment that requires some financing from the bank. What is building credit? Construction credit is a banking modality granted for the financing of expenses with works, constructions and interventions in real estate, allowing the borrower to take greater liberties with regard to the size of the property, typology, finishes and other features involving costs. Before, housing credit was only granted to those who had already bought a land with viability for construction , and the bank loan did not cover the purchase of the same, however, currently there are already several banks that facilitate the process, offering credit both for the acquisition of the land and for the respective construction works. Thus, very similar to housing loans, being a variant of this type of financing, construction credit focuses specifically on construction/construction costs. Main features To begin with, it is necessary to consider that the amount of this loan is established on the basis of the assessment of the architectural project and its project specifications , as well as the construction budget, calculation of the implicit expenses to determine the amount necessary for financing . Once approved, this credit is paid by the bank in tranches - or installments - being delivered as construction is carried out. At this stage, site surveys are carried out by experts from the bank or financial institution to ensure that everything is going as planned , and the land on which the construction is being carried out is given as collateral to the bank. Another important thing to retain is that this loan has a grace period of capital that can range from 24 to 36 months , implying the payment of interest during this period. This allows financial relief in the early stages of the process. What should you pay attention to when applying for this type of credit? If you submit an application for construction credit, you should take into account that you will not be given the full amount requested, as in housing credits. Therefore, before proceeding, consider that, usually, the maximum amount of this credit corresponds to 90% of the total value of the construction, which is determined through the initial evaluation of the land, the specifications, architectural design and budget presented. Then there are banks and financial institutions that can present you the money only after the construction has started, implying that you are the one to bear the charges at the beginning, with equity, until the delivery of the first tranche of the payment. And finally, if you choose a credit for the purchase of land, then to build a house there, the total amount borrowed by the bank may be higher, as it is allocated separately through a percentage corresponding to the land and another for the construction. It is important to note that each situation is specific and the allocation of amounts may vary from bank to bank and from case to case , and may, in situations such as applying for a loan for the construction of the property, have to be the owner to advance with 10% of their equity, with the bank to finance the rest. Important points: • To obtain a housing loan it is imperative that the land where you want to build (if you are the owner or are going to buy one) has feasibility of construction; • If you apply for credit without having the construction project, it is advisable to deal with the City Council before approving the construction of the land; • Calculate your expenses to know exactly how much money you will need for interventions , including architectural projects, license applications and project execution. Are you clear about these procedures? Read also Preventive maintenance: understand the importance of this concept , Are you going to remodel the house? Know the associated expenses and Will buy a house in plan? Advantages and disadvantages
Source: Freepik Author: Redaction After two years of strong constriction in demand for housing loans, banking anticipates a resumption of this demand already from the second quarter of the year. Households stopped asking for housing loans mainly because of rising interest rates, which put pressure on family budgets and led to a contraction in demand for financing. Now, for the first time since the second quarter of 2022, Banco de Portugal’s diffusion index about banks expectations for the demand for credit for house purchase has returned to a positive value , which means that the sector anticipates demand from households loans , and is expected to grow after the fall of the last two years. The outlook is accompanied by a forecast on the relief of reference interest , in which the European Central Bank has already admitted to tinkering since the summer. This decrease represents a drop in market rates, namely Euribor, used in the home loan calculation. Banks thus point to a slight increase in demand for residential credit in the second quarter of 2024, as the survey on the credit market shared by Banco de Portugal found on Tuesday. On the demand recorded in the first quarter, there was a slight decrease in housing and consumption segments , due to the high level of interest rates, as well as the fragile confidence of households. Keep abreast: New housing credits: only 3% of the poorest families had access
Source: Freepik Author: Redaction The study Portrait of the Portuguese Youth Population. Who They Are, What They/Move Now and What Their Expectations Are shows a worrying reality for young Portuguese, who have more and more difficulty in leaving their parents home or receiving salaries in accordance with their academic qualification. The study, coordinated by Alexandra Serra from the University Institute of Health Sciences, and by Rui Serôdio, from the University of Porto, had a sample of 5137 young people, between 12 and 30 years old. According to the analysis, 65.6% of young Portuguese receive less than 1,000 euros per month and work, on average, 36 hours per week. On the other hand, the average salary is set at 724 euros for young people who work up to 35 hours a week, while for those who work between 35 and 40 hours, the salary is 847 euros. Young people working over 40 hours a week are paid an average of EUR 1144, but data shows that a gender gap, with men receiving 26% more than women, is where the incomes are highest. As for housing, the study indicates that only 20% of young Portuguese have their own home, contrasting with the 34% who live with their parents or other relatives and the 35% who rent. On the other hand, 10% live in rented rooms, paying on average 270 euros per month, while 12% spend a value above 700 euros per month. The share of young people who dream of one day being the owner of their home is 77.5% , hoping to achieve this goal by the age of 29, although the expectation increases to 33 years for those over 25 years. Also follow: Less and less young people are homeowners
Source: SUPERCASA Author: Redaction Warm days are at the door, calling for late nights on the street. Preferably, in pleasant and comfortable outdoor spaces such as a garden and terrace and, at a jump from summer, these become the dream of many owners . When it comes to outdoor activities at home , the terraces are ideal for those who have children or animals, advantageous for their low maintenance. If you are thinking of buying a house , it is important to consider that when choosing one with this type of outdoor spaces, you will live with a higher quality of life, as you will have just around the corner a refuge space and in which you can enjoy the hot days, and can even customizeand decorate it to make it even more appetizing and comfortable. Discover the selection of properties for sale at SUPERCASA with these features and dream of long sunbathing in the comfort of your home! Apartment T4 in Barreiro and Lavradio, Setúbal - 589.000€ House T3 in Valado dos Frades, Nazaré - 590.000€ House T3 Triplex in Celorico de Basto, Braga - 600.000€ House 3 Bedrooms Duplex in Mafra, Lisbon - 685.000€ House T4 + 1 Triplex in Nogueiró e Tenões, Braga - 750.000€ House 4 Bedrooms in Cascais and Estoril, Lisbon - 949.000€ Discover also Buy a land to build: everything you need to know or Póvoa de Varzim: travel to this Portuguese land
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