OVERVIEW OF MORTGAGES
Using a mortgage to increase your purchasing power can now be obtained here in Cape Verde. The process should, ideally, be started even before you look at any properties. We can obtain an approval in principle for you which may mean you can afford a more expensive property than you originally thought
Banks will usually lend 50% of the valuation. It may be possible to borrow more but this will increase the rate of interest
Loans have to be repaid before age 65 and have variable interest rates
Term can be up to 25 years depending upon the ages of the applicants
All mortgages are repayment loans and are full status. You have to provide the banks with documents which prove your identity, your income and affordability to make the repayments. A credit report will also be needed by the banks
By using a mortgage broker they will liaise with the various banks, your lawyers and developers until completion takes place. CVDP has the only UK qualified mortgage / financial adviser providing free initial advice to any clients as required. Your personal details will be examined so you will receive information directly relating to your circumstances.
Your personal circumstances can be discussed in confidence to see if you are eligible and match the banks’ terms and conditions
REASONS TO TAKE YOUR MORTGAGE HERE IN CAPE VERDE
*Does not affect your home country credit report
*If you are not in a euro zone country then there are no exchange rates
*Your home is not at risk if you borrow from CV
*You may not have to cash in any investments or assets under unfavorable conditions
OTHER FINANCIAL SERVICES
Notification and payment of annual IUP taxes levied on all owners
Completion of tax returns for rental income tax
Obtaining NIF numbers – (fiscal ID)
Opening of bank accounts
Payment of utility bills