
It is said that ‘money makes the world go round’, and unfortunately, this really does seem to be true.
One of the advantages of living here in Portugal is that the cost of living is significantly lower than in the UK. You will notice this to a lesser or greater degree depending on your lifestyle, but it is fairly safe to say that you will definitely pay less here for things such as food and drink especially in bars and restaurants. Something I for one, really appreciate! For me one of the greatest advantages of the internet is to be able to manage my UK bank account at home in Portugal at any time of day or night – how did we manage before this miracle of technology?
My life is also made a lot more straightforward by the fantastic cashpoint, or ‘Multibanco’ machines here. The Portuguese seem to have a knack for technology and they have really gone to town with automated banking. As well as the usual withdrawals and statements you can do the following:
• Pay utility bills (electricity, gas and water)
• Pay services and purchases
• Buy tickets for concerts and shows
• Buy cinema tickets
• Buy a fishing license
• Deposit cash which is instantly counted and credited to your account
• Make inter-bank transfers
• Make transfers from one account to another within the same bank
• Pay Social Security contributions
• Pay Income Tax
• Pay Value Added Tax
• Recharge mobile phone credit
• Make miscellaneous payments to the state
The Portuguese banks have operated in a very sensible manner during the economic downturn and it is partly due to this that the boom and bust situation created by reckless lending in other countries around the world hasn’t happened in Portugal, resulting in house prices remaining stable.
However, with mortgage rates at an all time low, it is currently a very good time to borrow money allowing you to buy your dream home on the Silver Coast without breaking the bank!
Here at Prestige Portugal Property we have formed a strong relationship with Portugal’s largest private bank, Millennium BCP, who also have branches in the UK (and a website in English!). Through Millennium we have arranged mortgages for a great many of our clients simply and easily, if you are interested in finding out more then please contact us and we will be able to help you – with, of course, no obligation on your part. So perhaps now your dream of buying a villa or apartment on the Silver Coast could soon become an affordable reality. . .
By Stephanie Johnson
Labels: Apartments, money, Mortgages, Nazare, Obidos, Portugal, Prestige Portugal Property, Salir do Porto, Sao Martinho Do Porto, Silver Coast, Villas