Mortgage rates Portugal for non-residents — what the fixed rate really costs
From our own, ongoing bank survey — with and without the discounted (bonificación) rate. Portugal sits structurally around 0.2 % above the Spanish range, but lends up to 80% instead of up to 70%.
What are current mortgage rates in Portugal for non-residents?
From our own bank survey (checked 23.07.2026, reviewed quarterly): discounted fixed rates run 2.3 to 3.4 per cent, undiscounted fixed 2.8 to 4.1 per cent. Portugal therefore sits consistently around 0.2 percentage points above the Spanish range (2.1–3.2 per cent discounted) — that spread applies structurally at both ends of the range, not just on average. The trade-off: Portuguese banks typically lend non-residents up to 80 per cent of the lower of purchase price or Avaliação (bank valuation) — noticeably more than the up to 70 per cent available in Spain. Buyers who need a high loan-to-value often need less equity in Portugal, at the cost of a slightly higher rate. Which combination is worthwhile depends on your case — we model it for you before you commit. Choosing the right structure ultimately comes down to more than the rate alone — how long you want to commit, and whether you need the bundled products the discount requires anyway.
Mortgage rates Portugal: fixed rate with and without discount
Unlike Spain, where variable and mixed-rate mortgages are widely available, fixed-rate (fixa) financing dominates for non-residents in Portugal. The structural spread versus Spain is 0.2 % — it applies at both ends of the range, so it is not a rounding effect. It is offset by the higher loan-to-value: up to 80% instead of the up to 70% in Spain, which noticeably lowers the equity needed.
| Structure | Discounted | Undiscounted |
|---|---|---|
| Fixed (fixa) | 2.3 %–3.4 % | 2.8 %–4.1 % |
| Loan-to-value (LTV) | up to 80% of the lower of purchase price or Avaliação | |
Source: Perini’s own bank survey (as at July 2026); 12-month Euríbor: Banco de España / EMMI. As at 23.07.2026, reviewed quarterly. Individual offers depend on creditworthiness, property and bank.
How does this compare to the wider market?
Market context: the best published long-term list offer (30-year fixed) in July 2026 stood at a discounted borrowing rate of 4.05 % (Banco Montepio financing examples; bank comparison ComparaJá.pt, 21.07.2026) — the longer fixed period explains the higher rate versus the 20-year example.
What tips the balance within the range
A range is not a price list. Where you land within it hangs on figures that are settled before the application goes in — and some of them can be influenced:
- The loan-to-value. The strongest single lever. Whoever slips below the top band with more equity negotiates in a different category — regardless of income.
- The fixed period. The longer the fixed phase, the higher the rate. Not a Portuguese peculiarity, but it bites here because the fixed rate is the norm for non-residents.
- The income currency. Portuguese banks lend in euros. Income in francs, pounds or dollars shrinks the circle of lenders and as a rule costs terms.
- The type of income. A fixed salary is weighted differently from self-employed earnings — see mortgages for the self-employed.
- The property itself. A city flat, a developer new build and a rural property are not valued alike; the Avaliação decides, not the purchase price.
And the bonificación is not a rate question but a cost calculation: the discounted rate hangs on bundled products whose running costs can eat up part or all of the advantage. That counter-calculation belongs before the signature.
Fixa, variável, mista — what Portugal actually offers
Portugal knows the same three rate structures as Spain, but not in the same distribution. For non-residents the fixed rate (taxa fixa) dominates; variable contracts are tied to the Euríbor, and the mixed variant (taxa mista) starts fixed and then runs variable — with the same effect as in Spain: there is no renegotiated follow-up financing, the contract simply carries on. How that structure behaves and when it fits is described in detail under the mixed-rate mortgage; the logic carries over.
Two Portuguese particularities that distort the comparison with Spain if overlooked: the stamp duty on the loan is borne by the borrower in Portugal and is included in the quoted APR — Spain regulates this differently. And the higher loan-to-value cuts the equity requirement so noticeably that a somewhat higher rate is often not the deciding item in the overall sum. What equity requirement follows from that is under requirements for a Portuguese mortgage.
What it actually takes to check an offer
The nominal rate (TAN) alone does not carry a comparison. It only becomes solid with three further figures: the TAEG as the effective rate, the annual cost of the bundled products, and — on mixed contracts — the margin that applies after the fixed phase. Only those four figures together give the cost over the term.
Anyone already financed who wants to check whether a switch pays does not weigh rate against rate, but the saving over the remaining term against the cost of switching. Portugal uses its own terminology and deadlines for the transfer, but the arithmetic is the same everywhere: run the numbers before serving notice.
Also useful: terms around financing in Portugal · run the payment and total cost.
Frequently asked questions
Why are rates in Portugal higher than in Spain?
What does "discounted" (bonificación) mean in Portugal?
Who pays the Imposto do Selo on the loan in Portugal?
Up to what loan-to-value do Portuguese banks lend non-residents?
Your actual rate, not a website average
I compare current offers across banks in Portugal and Spain for your specific case — including whether the bonificación is worth it for you.
Related: Mortgage rates Spain · Portugal overview · all info pages