What are the main steps until I get the keys?
From simulation to completion, a mortgage runs through six stages. The slowest are the bank’s approval and the property appraisal.
In this guide
The six stages, in order
The process follows a clear sequence. First, simulation and affordability — we see how much the bank can lend against your income. Then the documentation, which we prepare to put to the banks. Next, approval, where we gather offers from several banks and choose with you. Then the property appraisal by a surveyor. After that, the binding offer (the ESIS), which sets out the terms. Finally, completion — you sign and get the keys.
Where the time goes
The slowest phases are usually the bank approval and the property appraisal. Along the way, requests for extra information can stop the clock until they are answered.
How to keep the pace
Even with everything ready, the timeline varies with the bank and the complexity of the case. Getting your documents in early and replying quickly is the best way to avoid delays in the first stages.
Where we come in
We walk through each phase, anticipate the blockers and handle the back-and-forth with the banks, so you always know where the process stands.
Worked example
In a typical process (example figures): gathering documents takes about 1 week; the banks' approval, 1 to 2 weeks; the property appraisal, another 1 to 2; between the binding offer and completion, one more week. All in, 30 to 60 days — closer to 30 when everything is ready up front.
Sources
Susana Vasconcelos
- Intermediária de crédito autorizada pelo Banco de Portugal n.º 0008496
- Mais de 10 anos na banca