Fewer stalled property deals in Portugal: why the mortgage should come first
About 57% of home and mortgage lending in Portugal now involves a mortgage broker, according to Banco de Portugal. For estate agents, lawyers and accountants, checking the mortgage earlier can prevent stalled deals. We explain when, how and what the law allows.
In this article
- 01How it works in Portugal
- 02What a mortgage broker does
- 03The rules became stricter in 2026
- 04Where deals get stuck
- 05Why financial knowledge matters so much
- 06An example with numbers: one former spouse keeps the home
- 07What professionals can do, and what counts as brokering
- 08When to bring in a mortgage broker
- 09Sources
A buyer signs the promissory contract and pays the deposit. A few weeks later, the bank offers less than the price of the home. A couple divorces and one of them wants to keep the house, but the bank will not accept a single income. These deals looked done, and then they stopped at the mortgage.
Often the problem is not the property or the client. The mortgage simply comes in too late. This article is for estate agents, lawyers and accountants whose clients buy or divide a home in Portugal.
How it works in Portugal
Buying a home in Portugal usually happens in two steps. First, buyer and seller sign a promissory contract (CPCV, contrato-promessa de compra e venda) and the buyer pays a deposit (sinal). Later, they sign the deed (escritura) and the sale is completed.
This surprises many foreign buyers. Under the Civil Code, if the buyer fails to complete for reasons that are their fault, the seller can keep the deposit. If the contract says nothing about a refused mortgage, the buyer is exposed.
Most home loans in Portugal also involve a mortgage broker (the law calls them «intermediários de crédito»). In 2025, brokers were involved in 57% of home and mortgage lending in Portugal, about 14.8 billion euros. The figure comes from Banco de Portugal, the country's central bank and regulator.
What a mortgage broker does
A mortgage broker helps the client get a loan but does not lend the money. The broker collects the documents, sends the file to banks, compares the offers and explains the terms.
Most problems can be spotted before the client signs anything.
UCI and SPIRITUC surveyed 733 brokers in a study published in July 2026. Of these, 97.5% collect the documents and do a first check before they send a file to the banks.
It is a regulated activity: only people and companies authorised by Banco de Portugal can do it. Tied brokers work on behalf of the banks they have a contract with, and only those banks can pay them.
The rules became stricter in 2026
Banco de Portugal reviewed its macroprudential recommendation, that is, the set of rules banks follow when they study a loan application.
Since 1 August 2026, when a bank checks whether a client can repay, the monthly cost of their loans should not, as a rule, go above 45% of their net monthly income. In this calculation, the bank applies the criteria set by Banco de Portugal, such as a simulated rise in interest rates. The old limit was 50%.
The affordability limit is the share of monthly income that goes to loan payments.
In a simple calculation, if you earn 1,800 euros a month after tax, all your loan payments together should stay under 810 euros (1,800 × 45%). Under the old 50% limit, they could reach 900 euros.
Banks may go over this limit, but only for up to 10% of the amount of credit each bank grants in each half-year.
The recommended maximum loan term is now 40 years for clients aged 35 or under, and 35 years above that age.
Where deals get stuck
In every profession, the problem is usually the same: the mortgage is checked after the client has made commitments.
| Profession | Common situation | What can go wrong |
|---|---|---|
| Estate agents | Promissory contract signed before knowing how much the bank will lend | The loan is too small and the buyer risks the deposit |
| Lawyers (divorce) | One former spouse wants to keep the house and the loan | One income is not enough for the bank |
| Accountants | Self-employed client who wants to buy a home | The bank only counts proven income |
General situations only. Every case depends on the client, the property and the bank.
In a divorce
Removing one former spouse from the loan changes the contract, so the bank must agree. For the family's main home, the law stops the bank from raising the spread (the bank's margin) because of the divorce. This applies if the person who stays has an affordability ratio below 55%, or 60% with two or more dependants.
These figures come from a separate law. The 45% limit applies if a new loan is needed, for example to pay the other spouse for their share of the home (tornas).
For self-employed clients
Banks check whether the client can repay, based on regular income and job situation. For self-employed people, banks look at proven income. They usually use the Portuguese tax return (IRS) and recent business records, and criteria can differ from bank to bank. A lower declared taxable income may also affect the income some banks count in the credit analysis.
Why financial knowledge matters so much
According to Banco de Portugal, only 13% of the people surveyed in Portugal reach the basic level of financial knowledge. The main difficulties are calculating interest and understanding risk.
Many clients do not know what the affordability limit is, or what the ESIS is. The ESIS (European Standardised Information Sheet) is the document that sums up the loan terms before signing. Wrong documents and wrong expectations slow everything down.
By law, the broker must explain the ESIS and the draft loan contract to the client. That is the part of the process that deals with the bank.
An example with numbers: one former spouse keeps the home
A couple divorces. The home is worth 250,000 euros and 150,000 euros are still owed to the bank. The monthly payment is 700 euros. Marta wants to keep the home. She earns 1,800 euros a month after tax.
A simplified calculation
On her own, Marta's affordability ratio is about 39% (700 ÷ 1,800). With the 45% limit, her loan payments should stay under 810 euros a month. In a simple calculation, before the bank's other criteria, that leaves about 110 euros of room.
She still has to pay her former husband for his share. The net value of the home is 100,000 euros (250,000 − 150,000). If the payment is half of that, it is 50,000 euros.
If Marta needs a loan for this, the new payment should fit in that room. Over 30 years at a 3% rate, it would be about 210 euros, almost double.
Figures are for illustration only. The 3% rate is an assumption for this example, not an offer from any bank. The bank's own calculation also adds the simulated rise in interest rates.
The problem often appears after the divorce settlement has already been agreed.
If the numbers are done first, there is time to look at other options. For example, a different term, a different payment to the other spouse, or selling the home. The final decision is always the bank's.
What professionals can do, and what counts as brokering
Under Portuguese law, a broker is someone who does more than simply introduce a client to a bank or to a broker. So advising your client to look for an authorised broker is not brokering.
Presenting or proposing loan contracts, or preparing the file for the bank, as a professional service and for a reward, is brokering. Doing it without authorisation from Banco de Portugal is an offence subject to a fine.
An estate agency that wants to handle mortgages itself must ask for that authorisation. When questions about financing come up, the professional can advise the client to look for an authorised mortgage broker. You can check a broker's registration on the Portal do Cliente Bancário. The credit analysis and the brokering are then done by the authorised broker.
When to bring in a mortgage broker
- Estate agents: before the promissory contract. A check before the client signs and pays the deposit shows how much the bank may lend. It is also worth checking what the contract says if the mortgage is refused.
- Lawyers: before the divorce settlement is signed. The numbers for the person who keeps the home, including the payment to the other spouse, should be done before signing, not after.
- Accountants: before the client starts looking for a home. Check which income is proven, in the tax returns and in recent business records, and which loans are in the client's name. Banco de Portugal's Central Credit Register (Central de Responsabilidades de Crédito) shows them.
- In every case: check the registration. The list of authorised brokers is on Banco de Portugal's website for bank customers (Portal do Cliente Bancário).
There is no single right moment for every case. It depends on the client, the income they can prove, the property and the commitments already made. The decision to lend is always the bank's.
FINOVA compares offers from several banks and reviews each case individually. FINOVA's fee is paid by the bank, after completion. The mortgage process itself always has costs of its own: taxes, the property valuation and registration fees.
Sources
Article that inspired this piece: Casa Sapo, «Crédito e imobiliário: a combinação que gera mais vendas» (15 June 2026, in Portuguese).
Share of home and mortgage lending with a broker in 2025: Banco de Portugal, Credit Markets Monitoring Report 2025 (June 2026, in Portuguese).
Survey of 733 brokers by UCI and SPIRITUC: idealista/news (9 July 2026, in Portuguese).
Affordability limit, exceptions and terms: Banco de Portugal, press release of 2 July 2026 on the revised recommendation (in Portuguese).
Legal definition of a broker and protection in a divorce (article 25): Decree-Law 74-A/2017, consolidated version in the Diário da República (in Portuguese).
Types of brokers, authorisation and fines: Portal do Cliente Bancário, pages «O que são» and «Acesso à atividade» (in Portuguese).
How brokers are paid and the duty to explain the ESIS: Portal do Cliente Bancário (in Portuguese).
How banks check whether a client can repay: Banco de Portugal, press release on Notice 4/2017 (in Portuguese).
Financial knowledge in Portugal (Banco de Portugal Economic Bulletin, March 2026): Jornal Económico (16 March 2026, in Portuguese).
Rules on the deposit in a promissory contract: Civil Code, article 442 (in Portuguese).
