Among the Portuguese who use financing to buy a home, the average amount spent on the purchase of a property is fixed at 138 thousand euros.
According to the second mortgage credit scale, implemented by the financial comparison portal compareThe Portuguese often do not exceed the amount of 174,999 thousand euros in spending on new housing.
A large proportion (19%) buy homes whose value does not exceed 74,999 thousand euros, while the vast majority ask for between 75 thousand and 124,999 thousand euros (31%) and 125,000 euros to 174,999 thousand (26%).
Another finding from the same study is that nearly half of consumers request maximum financing.
The average term of contracts is set at 33 years
In terms of mortgage loan application deadlines, most families request loans over 30 years, with 55% of Portuguese over 36 years old.
Here, they follow the indicators of the Bank of Portugal, which puts a 40-year limit on mortgage loans, which the institution intends to reduce to 30 in the coming years.
The average maturity of loans requested by users of the financial comparison portal is 33 years, less than the 40 years recommended by the regulator, but still above the value Banco de Portugal is willing to monitor for new loans from 2022.
Consumers have been waiting nearly 40 years to buy a home
If buying a home is viewed as roughly a second step in entering adulthood, the reality is that Portuguese people, on average, wait until age 37 to apply for mortgages, the same study reveals.
However, being in the 30th age group is not a weighting factor for mortgage loans, as the difference is not very large compared to the previous age group column.
More than 25% of mortgage loan service users are between the ages of 31 and 35, while 26.6% use mortgages between 36 and 40 years old.
It is also important to highlight that a large percentage (15%) still buy a home when they are in their first half of their 40s.
Most of them just paid off the loan after entering retirement
The end of repayment for a home loan is, in most cases, not aged until after applicants enter retirement age. According to the Barometer, it was concluded that only 17.66% would finish paying credit for a home before renovation.
In fact, most Portuguese are among those who just paid the bank when they are between the ages of 71 and 80.
Families pay an average of €401 for mortgages
The average amount that the Portuguese pay in the most recent mortgage loan contracts is fixed at 401 euros, with 39.33% of families paying between 250 and 399 euros, while 22.05% pay between 400 and 549 euros.
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