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 amount is €40,000. The minimum term is 5 years, maximum term is 40 years to end by the 85th birthday of eldest purchaser. There are no early redemption fees. The current interest rate is 5.75-5.88% dependant upon type of mortgage wanted. 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 the mortgage there is a brokers fee of €700 to pay at the deposit stage (28 days after reservation of your property).
Any mortgage that 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.