Italian Mortgages

Italian Mortgages

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 & Notaios 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 Italian Bank 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 but we will confirm all LTV rates in writing upon application.

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.

ITALIAN BANK - The ACCOUNT
You will be required to open an Italian bank account before completion.

COMPLETION
Italian Mortgage funds will be released by the lender to your Notaio for completion of the purchase.