Please see below for answers to some of your Frequently Asked Questions
Q. Who are Cape Verde Mortgage Company?
A. We are a totally independent mortgage brokerage covering all the islands in Cape Verde. We do not just organise your mortgage in Cape Verde but can also assist with releasing equity in UK via our FSA regulated Associates, advising you on appropriate insurances, the opening of bank accounts and tax advice. Our Advisers are UK qualified holding CeMAP and FPC qualifications.
We realise that buying an overseas property can be a daunting experience therefore we will work with you to explain the local financial market and guide you through every step in plain language. Our clients often say that the process was much simpler and less confusing than they initially thought.
Probably because we take care of everything for them.
Q. What interest rates are available?
A. Depending upon the location of your purchase we can offer interest rates around Euribor + 3.5%. Due to our reputation with the various banks we are able to negotiate attractive packages with local and Portuguese banks. These rates of interest should be reducing in the near future to move more in line with rates in Europe.
Q. Are interest only mortgages available in Cape Verde?
A. At present the maximum interest only payments can be for 5 years. Following this period the remainder of the term is a capital and interest repayment mortgage. The maximum total mortgage term is 35 years subject to your age.
Q. Can the rental income I will receive be taken into account?
A. In Cape Verde there are no Buy To Let mortgages. Potential rental income will not be included in any affordability calculations.
Q. What other costs are involved in buying?
A. You will need to budget approximately 6.5% of the purchase price to pay the transfer taxes, Notary and registration fees plus your own Lawyers fees. CVMC has an agreement with a firm of Lawyers who can offer you independent legal advice. This firm has offices in UK if required and are all English speaking.
Q. Do I need any insurances?
A. Building insurance is compulsory. Contents and third party liability is highly recommended. We can arrange this for you via English companies to give you peace of mind your asset is fully protected.
Q. Can I speak to someone while I am in Cape Verde about mortgages?
A. Yes. Currently Hazel Woodcock is living in Sal and can see clients in her office, at their hotel or estate agents office. Hazel is UK qualified, (FPCs and CeMAP examinations) and has a wealth of experience gained in UK, Spain, France and Cape Verde. We can also handle your application by email.
Q. How do I know if I an eligible for a mortgage here?
A. Call Hazel on 00238 9802410 or 00238 2427507 or email her at capeverdemortgagecompany@gmail.com and arrange an appointment where she will be able to examine all of your financial information and discuss your options so you can purchase the property with peace of mind knowing your borrowing capacity
Q. Can CVMC help me with other financial matters?
A. CVMC offers clients a lifetime advisory service which includes releasing equity in UK / Ireland, sourcing the finance in Cape Verde, access to an English speaking support team, advice on Insurances, Taxation and Bank Accounts
Q. Should I wait until I find my dream property before applying for a mortgage?
A. Obtaining an approval in principle before starting your property search allows you to know your budget. CVMC can obtain this for you from the banks.
Q. Are there are any penalties if I want to repay the mortgage early?
A. The banks normally charge a maximum penalty of 2% but this may be negotiable
Q. Can I get a mortgage to pay the stage payments on my off plan property?
A. It is possible to arrange help towards the stage payments, subject again to affordability and a full application to a bank. Our Advisers can discuss this option in more detail with you.