From homes to apartments to villas and resorts - we provide a first class access to a wide range of products from the beach front retirement home, to vacations homes
Listed here is a small selection of the 100's of projects we also have available. For general enquiries about Italian Property please contact us here.
MORTGAGE
1. Identify a property
2. Find out how much you are eligible to borrow by completing our quotation request form
3. While in Italy sign a sales agreement (Compromesso) & transfer the deposit to secure the
property
4. Lender issues a draft mortgage offer subject to valuation & NotaioÕs report (confirming property is free from debt)
5. Lender instructs valuation
6. Open an Italian bank account and provide details of fiscal number (Codice fiscale) to the lender
7. Arrange monthly mortgage payments
8. Completion
Notaio registers the mortgage deed (this takes between 2-5 days). Once registered, the Notaio releases the mortgage funds to the beneficiary.
ELIGIBILITY & CRITERIA
All mortgages are in Euros and will be secured on your Italian property. Mortgages are full status and proof of income and outgoings will be required. The maximum loan to value available is between 70-80% of the purchase price, excluding fees. There is usually a minimum loan amount ( 50.000). Italian lenders assess eligibility on the applicant's capacity to repay the loan. As a guideline, your existing monthly outgoings and the repayment on your Italian mortgage should not exceed 35% of your gross monthly income. A percentage of rental and investment income can also be considered. Mortgage, rent, personal loans and maintenance commitments are considered as outgoings.
TYPES OF MORTGAGE
Mortgages can be obtained for the purchase of new or existing properties. Finance for the purchase of a number of residential properties on a large scale will be considered on a case by case basis. Buy to let mortgages will also be considered on a case by case basis. The property must be registered at the land registry as a habitable dwelling. Please note that the local authorities set the criteria of what is considered 'habitable' and unless the property has been granted with this certificate, mortgage finance cannot be obtained. For renovation and construction loans, estimates must be provided at the time of application and clients must have obtained all the necessary authorisations. In the case of construction loans, more detailed information will be required. Funds will be released by the lender following the submission of invoices. The property must be classified as habitable before a lender will consider an application for a renovation loan.
MORTGAGE PRODUCTS
A variety of products are available ranging from interest-only to repayment mortgages on a variable or fixed rate basis or a combination of both. Terms can be from 5 to 40 years. However, loans must be repaid by 85 years of age.
Documentation required by the lender
1. Proof of identity & residence
2. Proof of income & outgoings
3. Bank statements
4. Property details
TIME FRAME
An initial approval can be obtained from a lender once all the requested documentation has been
submitted. This takes approximately 2 weeks. A minimum of 6 weeks should be allowed from application to completion.
LIFE ASSURANCE
Life assurance is strongly recommended but not obligatory.
BUILDINGS INSURANCE
The lender will insist you take cover with their chosen provider. However, this only meets their basic requirements. For more comprehensive cover, further insurance will need to be taken out.
BANK ACCOUNT
You will be required to open an Italian bank account before completion.
COMPLETION
Mortgage funds will be released by the lender to your Notaio for completion of the purchase.
COSTS OF SETTING UP AN ITALIAN MORTGAGE Bank's arrangement fee: Typically between 0.4%-0.7% of the loan amount (deducted from the loan) Bank's completion costs: Typically between € 100-€ 160 (deducted from the loan)
Valuation fee - approx € 200-€ 250 payable directly to the Surveyor
Please note: some lenders may charge an annual management fee
Notary fees - your Notaio can provide you with a breakdown of the fees payable if requested. If you take out an Italian mortgage, a further cost will be charged by the Notaio for registering the mortgage deed at the land registry (approximately 1%-1.5% of the loan amount).
Mortgage registration tax - (deducted from the loan)
If main residence (resident) - 0.25% of the loan
If second property (non-resident) - 2% of the loan
Buildings insurance - a one-off fee is payable to provide basic cover for the duration of the mortgage (deducted from the loan).
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International Property Directory features international vacation rentals, property rentals, property investments, holiday homes, villas and vacation resorts plus commercial property, property developers, new homes, real estate agents, overseas mortgages, financial advisers, currency brokers, flights, car hire. International Property Directory, or any of its Agents, do not take receipt of any monies or sign contracts with investors. We operate independently, sourcing property investment opportunities for our interested parties. All contracts and monies are always handled directly with the property developer or owner offering the property. We always recommend our investors seek independent legal and financial advice before purchasing a property. International Property Directory can accept no liability for any damages or losses resulting from the purchase of one our listed Investment Opportunities. Site last updated
9/9/2010
Note: This site is entirely monitored and edited by the staff of International Property Directory. Newsletters: Strictly no junk mail will be sent to you, nor mail from agents, marketers, or other undesirable information, nor will your email address be shared, sold, or otherwise divulged - all information sent via e-casts or email will be related to property. Newsletters are sent out in response to or as a follow up to enquiries made through one of our property related websites, newsletter sign-ups or as a result of enquiries made with one of our partner developers. We provide subscribe / unsubscribe on all of our advertising communications. We require the exact email used for the initial enquiry made to be able to unsubscribe successfully. Any use of email aliases or changes made to email addresses used subsequently may cause problems with unsubscribing and while we make all efforts to adhere to these principals we cannot be held responsible for failure to action an unsubsription request. Sales Enquires: Any enquiries supplied without name, email or telephone numbers may be treated as spam. We reserve the right to forward enquiries to an IPD agent or developer who is involved with any sales enquiry we receive.
