Finding Italian Mortgage Advice
Finding good Italian mortgage advice, like finding most things in Italy, takes time and diligence because good Italian mortgage advice will only come from tapping into a deep understanding of how things in Italy work.
You could say that understanding Italy and the Italian way is something you have to be born with.
Best Italian Mortgage are a family business with Italian roots and we preserve the Italian tradition of friendly, courteous and professional service.
You can rely on us to provide you with the best Italian mortgage advice – as you can see from the photo we’ve been orchestrating things Italian for 3 generations!
If you’re thinking of buying in Italy using an Italian Mortgage you’ll already understand that Italy is different, that’s probably why you decided to buy a home in Italy in the first place.
So, before you start the process of obtaining an Italian mortgage, the best Italian mortgage advice is probably to read Dante’s Inferno, which you can download free from Full Books and other sources as it is long out of copyright. Once you can understand the logic of the Inferno, you’ll be well on the way to understanding the Italian mortgage process!
In fact, Italian Mortgages are really no different to mortgages elsewhere in the world, it’s just that the Italian Mortgage process is …. Italian! For every step forward you take you seem to need to take two steps backward then, when you’re on the point of desperation… è fatto!
Practical Italian Mortgage Advice
With an Italian mortgage there are no restrictions on how you use your Italian property, so you can use the property for your own holidays or as a rental investment.
You can even use it as a B&B provided it has no more than 10 letting rooms.
The standard terms for an Italian mortgage are up to 60% LTV (Loan to Value) of the purchase price with repayments spread over no more than 25 years and with a normal minimum mortgage amount of €100,000.
Italian mortgages as low as €50,000 for Italian property purchase and €70,000 for renovation or purchase and renovation can be obtained.
For Italian mortgages above 60% LTV special terms apply and the Italian mortgage would need to be above €250,000 before the bank would agree to process the application in English.
Both fixed rate and variable Italian mortgages are available, but all must normally be repaid by age 75, though for joint borrowers the age of the youngest borrower can determine the mortgage redemption date.
In all cases you will need to prove your financial status to the lender and often the bank will require that you submit all original documents with a certified translation if the originals are not in Italian.
The bank will take a first legal charge over the property and make sure that the purchase transaction complies with all the legalities.
Italian mortgage repayments are normally collected from an Italian current account. Over the life of your Italian mortgage you can save a considerable amount of money in bank fees and charges if you make your own foreign currency (FX) arrangements. To avoid being held to ransom by bank charges read the Foreign Exchange page on our Best French Mortgage site for more information on how you can simply and easily save yourself money.
As well as providing the funds for purchase, the lending bank providing the Italian mortgage will normally be able to arrange banking facilities to enable you to pay Italian bills from a local bank account. They are also likely to offer to arrange your Italian property insurance, but this may not be the most cost-effective property insurance solution for you. Read the Second Home Insurance page on the Best French Mortgage site for why you should obtain an independent a cost-effective alternative for your Italian property insurance or go here to get your Italian Property Insurance Quote right now.
Our 10 Star Italian Mortgage Advice Service
- Detailed analysis of your financial profile and careful examination of loan feasibility to find you the best Italian mortgage.
- Matching your financial profile and Italian mortgage needs with the Italian banks’ analysis criteria to get you the optimum mortgage solution.
- Focused and responsive management of your Italian mortgage dossier to give you the best chance of success
- Direct access to public offices (Municipality, Court, Land Department, Real Estate Registry, Chamber of commerce) to simply procedures, obtain documents and speed results.
- Bureaucratic issue management and relationship smoothing with banks, surveyors, notaries and all professionals involved in your Italian property purchase.
- Assistance with all aspects of the purchase process for your Italian dream home.
- Ongoing support to ensure that you always have the best financing in place for the life of your Italian mortgage.
- Legal assistance with all matters relating to Italian property purchase and finance.
- Translation and interpreting service.
- Insurance consultancy.