Non-residents can apply for Italian mortgages which are means tested. You will need to provide proof of earnings and expenditure from your own country. Common practice in Italy is to obtain a mortgage for 50% + costs (10% VAT + 2- 4% additional property purchase costs + 2.5 – 4.5% mortgage set up costs) which comes into effect on completion.
The minimum loan is €40,000 with the minimum term being 5 years and maximum term 40 years. Repayment of the loan should be repaid by the 85th birthday of the eldest purchaser. There are no early redemption fees. The current interest rate is 5.75-5.88% depending upon the type of mortgage required. Mortgage set up costs are approx. 2.5 – 4.5%.
Use our mortgage calculator to calculate your repayments now to see how cheap it could be!
We offer a free consultation with a mortgage advisor. If you choose to proceed with a mortgage, a broker's fee of €700 will be due at the deposit stage (28 days after reservation of your property).
Any mortgage which encompasses payments other than the final payment will necessitate a ‘draw down’ mortgage. These can only be obtained on properties that are showing the ‘footings’ in place when draw down kicks in. Please note that few properties have any footings in place at this time due to the off plan nature of the majority of the developments.
We understand, however, that a mortgage is not always the best solution depending on your own individual situation and that in some cases additional borrowing is required. With this in mind we can help arrange two additional types of finance to help you with your property purchase. Details of Stage Payment Loans and Bridging Loans are detailed on the Atlas Finance Page.