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MORTGAGE IN ITALY

Italian real estate mortgages to non italians, to buy, restore,  refinance, residential properties in Italy  

Professione esercitata a norma della legge 14-01-2013-nr.4

 

ITALIAN REAL ESTATE MORTGAGES FOR NON ITALIAN CITIZENS

TO  BUY, RESTORE ,  REFINANCE 

LIVING  PROPERTY  IN  ITALY 

( per la pagina  dedicata agli italiani residenti all'estero  cliccare quì )

 

 

 MORTGAGES  TO NON-ITALIANS 

from 100.000 euro

 for only to buy mortgage from 50.000 to 100.000 euro 

see  Ugo's services NOTE 1

 Some good reasons to use the Ugo services 

781  Mortgages  from  1998

Non-Italian who planning to buy,  to restore,   an home in Italy, maybe dreaming of  to buying a place in the sun for retire in Italy ,  and are interested  in getting a mortgage in Italy , or to refinance the old mortgage  in Italy , do not speak  Italian language and do not know the Italian bureaucracy ,  so , very often , find themselves embarrassed in front of the most basic procedures related to the purchase of a house in Italy and also to take out a mortgage . 

Italian banks, for their part, which do not allow the translation of the text of the mortgage  agreement , and the contract for the opening of the bank account , forcing, in fact, borrowers who do not understand the Italian language, to give a power of attorney to a person who understands the Italian language, which signs the loan agreement, in their stead .

During the procedure for obtaining a mortgage, the borrower is often called upon to put signatures, always on texts in Italian. And also he will be contacted by the bank surveyor , who almost never speaks a language different from Italian, to make the expertise required  by the bank , on the house to which he was asked for the mortgage , the appraiser will ask for a meeting, in the case of mortgage only for the purchase, or more than one meeting, for mortgages of restoration, building, purchase and restoration, refinancing and renovation, and again the borrower will, whenever be available or find a person who is available in its place.

 

NO STRESS ITALIAN MORTGAGE 

 

Ugo , you will then, whenever there where you should be,to check and formulate the compromesso text , with the cooperation of  the notary :  analyzing all easements, verifiyng the existance of the owners of neighboring rights of the " Prelazione Agraria" , making sure that text is written  clause that the validity of the compromesso due to the release  of the mortgage by the bank . For you will find a notary public, who may speak English,  will sign all those annoying documents in Italian, but always after have explained to you is written on . Talking with real estate agents, to collect any document and information relating to the property, ask all documents of the house , that the bank require, will agree with the bank surveyor, for all his visits to Italy in your home. Sign the purchase contract , the mortgage contract , the insurance contracts, the contract for the opening of the current account.

Ugo , can to take , to the italian tax office ,  your  Italian tax code (without you having to go and ask at the consulate). Finding the translator able to swear at an Italian court, the translation of all your income documents, if required by the bank for your mortgage. Make for you all texts of attorney necessary to sign the necessary  contracts for  buying of the house in Italy and have the mortgage, and maybe send you these texts already translated into the your language ( all languages) , in Word format, in such a way that no secretary of any notary , do write errors.

Ugo also can help you to do all the documentation to apply for residency Elective in Italy. If you buy a house in Italy, or ask for a loan to buy , or renovate; if you do, asking permission to the first house and stating that you will take up residence in Italy, you will have many allowances in Italy and pay taxes, lower, on the purchase and mortgage.

Ugo  acting on your behalf - via power of attorney -   helps you to get a no stress italian mortgage , with low expenses and competitive interest rate : an Italian real estate mortgage to  purchase , to restore,   the residential property  in Italy or  to refinance an old mortgage in Italy ,    apply a mortgage request, sign a Mortgage contract with the Italian bank, sign the Purchase contract of  your home in Italy , find and sign fire and life insurances , find and sign a healthcare insurance need to ask the Elective Residence in Italy . 

 

Ugo's services you pay in three  times :

1 > at starting  you pay a fixed fee , to pay the availability of telecommunication lines necessary to receipt of the your documents, the texts for the proxyes necessary  for the execution of the mortgage procedure and for the purchase procedure, if required, italian tax code obtain , Real Estate Agents contacts to receive property documents , checking of it , and maybe find an english speaking Notary , in order to provide a compromesso text. 

2 > When the Mortgage application to be submitted to bank  . To pay : formulation of the Compromesso text (if required and according the notary public) , domiciliary expenses for Bank Application signature in force of the Proxy , collection of all documents from Real estate agent ot property seller , support to the designer of the work, with particular reference to the preparation of the documents required by the bank regarding the mortgage for the construction or renovation of the building offered as collateral.

3 > When the Bank issue the Delibera and before signature of the Mortgage and / or purchase contract to the Italian Notary public . To pay the balance of the services ,  for  : managing relationships with the estate agent and the notary , make all signatures in force of the Proxy , particularly for : opening of the current bank account with an italian bank , find and sign a healt insurance needed for italian residence asking ( not eu citizens only) , domiciliary expenses for one or more signatures on the mortgage contract  , domiciliary expenses for  purchase contract signature ,  managing of  the all bank surveyor appraisals   .

NOTE 1 > MORTGAGE FOR BUY ONLY FROM 50.000  TO  100.000 EURO , PAY  FIXED FEE + FIXED SERVICES .  

NOTE 2 > The mortgage contracts witch the payment of the loan , is provided by bank , in more than one time,  mortgages named on SAL (a Stato di Avanzamento Lavori) : restoration ,  buy and restore, refinancing and restore, surroga and restore) , will be signed  ALL - NO EXCEPTION - to an Ugo's trustly notary public , with office at maximum 70km from Ugo's office . The for the work required to complete the full payment of the mortgage from the bank, which are carried out within 24 months from the date of the first signature of the mortgage contract at public notary office ( signatures required for the payment of the related progress report , referred to as SAL , organization of the expert reports required by bank to the surveyor ) are included in the payment made at the time that i will be the first signing of the mortgage contract at notary public office.

 

Ugo give you the full calculation of  the required fees , together the services feasibility form reply . 

 

 

you will be able to find comment's from Ugo's clients on

>> what my clients say about me <<

 

 

 

It is recommended to non Italian citizens, who wishes to buy a house in Italy and get a mortgage in Italy, with low duty, to request the Italian residence - permit to stay -,  and buy the property as " first home ". 

IMPORTANT NOTE, the buyer has 18 months to transfer the residence to the first house purchased, if this does not happen, him  lose the allowance and  have to pay to the revenue agency: the difference between the transfer fees prima casa and seconda  casa  - a 30% tax on the sums paid

For guideline to  italian residence , please >> clik here <<

For info about purchasing a property  in Italy , >> click here <<

 

Please note : click  on the underlined words in blue to open other pages, or to download the relative document. 

 

 

 

INTEREST RATES INFO 

Fixed interest rate is freezed at mortgage contract signature and remain freezed for all mortgage duration . The fixed Interest is the sum by the Bank Spread on the term of the mortgage in year (duration) , added to Eurirs correspondant , working at the date of mortgage contract signature. 

Variable interest rate  vary month by month according Euribor monthly basis . The variable interest rate is the sum by the Bank Spread on the term of the mortgage in year (duration) , added to Euribor correspondant , working at the date of mortgage contract signature. 

 

 

 

ITALIAN REAL ESTATE MORTGAGE 

GUIDELINE

 

Mortgage to not italian's ,  can be from 5  to 30 years.

 

The Real Estate Mortgage in Italy can be given , on properties with no other mortgage from any other bank , to natural (note 1) peoples in good credit standing , who are at least 18  years of age and not older than 70  years   , the applicant must not be aged over 76  years  when the mortgage expires .

 

 

Notes 

 

1) Request of  Mortgage in Italy is possible for foreigners of  the following nationality : American, English,  Honk Kong  , Australian, German,  Belgian, French, Swiss, Canadian, Irish, Swedish, Norwegian, and many other nationalities.  

2) Banks do not accept mortgage request for the 100% of the property purchasing price . In case of  particularly hight mortgages , banks may require a collateral deposit . 

3) Land , vineyards , cellars, olive groves, vine bottling , farms, factories , commercial enterprises,  are not mortgageable 

4) Non italian citizens Mortgages cannot be given to builders or to companies for property commerce .

5) The property must be certified as residential (ex-rural homes newly certified as residential are acceptable) and the valuation carried out by the Bank’s surveyor must confirm the normal marketability of the property.

6) Mortgage to build the house in Italy  do not are accepted . 

7) Mortgage for refinance old mortgage ( surroga) , is accepted ONLY  , if the property have the Habitability Certification issued by commune office 

 

 

 

VERY IMPORTANT NOTICE 

to submit mortgage request to the bank , is needed real estate cadrastal data . For mortgage to buy (purchasing mortgage ) the preliminary agreement  (compromesso) signed by the parties,  is required . For  Restoration ,  restoration Licence ( issued by commune offices) is required. For Refinancing mortgage , Property Ownership document (atto di acquisto - purchasing Deed )  and habitability certification , is required

 

( some banks require proof  of deposit paid, for mortgage to buy )

 

 

 

Ugo  acting on your behalf - via power of attorney - can submit,  to bank a Mortgage in Italy request for : 

- to buy : home , apartment, rustic building  (casale, rustico, country house, castle , holiday homes) newly certified as residential, villa, restored farmouse, buildings in medieval and renaissance cities or in the Italian  countryside 

- to restore property , ONLY if certified as residential with building licence (Licenza edilizia or  SCIA ) issued by the Italian commune offices .

 NOTE >> for restoration mortgage , is applicable fixed or  variable interest rate (the borrover may request to switch to the fixed interest rate, after the mortgage has ben fully disbursed by the bank and the restoration work , completed) 

 

Buy Only Mortgage 

 

- ONLY to buy  property  in living state of use  ,  ONLY  at following conditions :

1 -  Mortgage Amount from  100.000 euro

2 -  Mortgage Duration from 10 years 

3 -  Fixed or variable interest rate is applicable  

4 -  The Mortgage payment is made at Mortgage contract signature  

 IMPORTANT NOTICE  >  according Italian Mortgage Laws , is possible ask  the Mortgage to Buy , until the 12th month after it was signed the deed of purchase .  

 

 

>> Buy & Restore mortgage in Italy procedure explain  <<

( click on this title for more info ) 

 

- to buy and restore : property not in living state of use , Ruines ,  ONLY  at following conditions :

1 -  Mortgage Amount from  100.000 euro in case of buy and rebuilding ruines or  in case of restore living homes 

2 - Mortgage Duration from 10 years 

3 - Fixed or variable interest rate is applicable  (for some banks the borrover may request to switch to the fixed interest rate, after the mortgage has ben fully disbursed by the bank and the restoration work , completed) 

4 - With a restoration  licence issued  , for immediate restoration works , on more payments  .

5 - The bank start the mortgage payments  if is in according to the  builded structure value (according bank survejor expertise) 

 

 

>> Restore Only mortgage procedure explain << 

( click on this title for more info )

 

- to restore existing home  , ONLY  at following conditions :

1 -  Mortgage Amount from  100.000 euro 

2 -  Mortgage Duration from 10 years 

3 -  Fixed or variable interest rate is applicable  (for some banks the borrover may request to switch to the fixed interest rate, after the mortgage has ben fully disbursed by the bank and the restoration work , completed) 

4 - The  Restoration Mortgage in Italy  process  can be start  ONLY , if  the property is newly certified as residential, have a restoration works calculation issued by a licensed technician (Geometra) or an Architect or a Civil Engineer , have restoration licence issued by a commune offices.

5 - The Mortgage in Italy contract signature and first payment can be only after has been made : the roof, the floors of the plants (for homes with multiple floors) the outer walls. .

 

 

>> Refinance italian mortgage ( The Surroga) procedure explain << 

( click on this title for more info )

 

-  To refinance  your oldest Italian real estate mortgage , issued ONLY on property certified as residential and with Habitability certification issued by commune offices .

-  Mortgage Amount from  100.000 euro 

 

 

 

 

ATTENTION

Equity loans do not are allowed for foreign citizens

 

 

The maximum (NOTE) mortgage amount  ,  to be grant :

- till 70% of the home commercial value , confirmed by bank survejor , for buy , refinance    

- till 70 %  on the home commercial value once the works have finished , confirmed by bank survejor, for restore only, buy and restore, refinance and restore   .

 

NOTE : 

1)  application of  different percentage on the mortgage amount is  possibile , and applied time to time  , according with clients financial and property conditions and selected bank conditions. 

2) the bank to Apply to the Mortgage , the interest rate working at contract signature date .

 

 

According Italian laws,  the borrower can  pay off  the Mortgage at any time ,

Pay off penality (if existing) vary from bank to bank .

 

  No pay off  penality is needed for  

First Home Italy Mortgages 

 

 

 

The time needed to make the Mortgage in Italy process is about 60 working days ,from the submission of the Application to the bank . The grant are subject by the bank approval.

The Mortgage in Italy  contract is writted in Italian Language , no traslation contract is allowed 

Italian Banks allow the Mortgage in Italy application and contract signature by an attorney , Italian language speaking , provided of a  Proxy power signed by borrower . 

Note , the proxy power is a legal instrument authorizing one to act as another's attorney or agent , the proxy , signed by borrower, as to issued in Italy by an Italian  notary or , if issued not in Italy , notarized by a public notary and apostilled  .

 

 

Italian Purchasing & Mortgage Tax and Expenses

Mortgage fees 

 

You pay directly :

1) the Notary fees

2) through the Notary, ONLY  for Mortgage to buy , Mortgage to Buy & Restore,   the Land and Home registry , calculated on cadrastal value of  the property , writted in the purchase notarized act, as : 3% for first home , 10% for a NON  first home (Note) , 12% for the land . All with a minimum amount of 1000-euro

4) Ugo's  services 

5) in some cases  the bank survejor expertise

6) in some cases, the home fire insurance 

7) in some cases, the life insurance garanteeing payment of the mortgage , in the event of death of the borrower 

 

 

You will be taken out , from the Mortgage amount, by bank :

1) Italian Mortgage registry, calculated on granted Loan amount, as : 0,25% for  first home  (Note) , 2% for a NON  first home

2) in some cases, the home fire insurance , issued by bank 

3) in some cases, the life insurance garanteeing payment of the mortgage , in the event of death of the borrower (issued by bank) 

4) Bank fees

5) in some cases, the bank survejor expert's report  (some banks  ask to pay  this  fees directly  to they's survejor )

 

Note : for buy or build an house in Italy and have an Italian Mortgage  with  first home financial facilitations , is it necessary to declare , at purchasing Act signature , that you ask beetwin 18 monts the Italian Residence  ( please click here to read the procedure) on the house or on the same commune where is located  the house or  the land where you need to build the new house  

 

 

 

Mortgage in Italy Process

 

1> Bank receive a documentation of your mortgage request , traslated and sworn ( if required ) , and check that the Power of attorney , if the mortgage request is submitter by a person that do not are future borrower ,  is on line with bank requirements  . If all is ok , start the point 2 

2> Bank make a checking about your financial position in Italy , and , by the credit boureau with scoring ,  in your  country 

3> If the checking at point 2 , give not negative response ( if you do not have a bad writing ) , your documents are charged to the back office checking , here check that all required documentation is present, that the traslation (if required)  are in place and regularly sworn , that all documents of the property , to be checked by a bank technician , are present - if everything is ok , the bank surveyor  is commissioned to do the survey .

4> if the bank surveyor assesses the property to secure the required mortgage , the documentation , along with the skill,  is trasferred to the mortgages analyst office  ( some banks make this checking after financial analisys) 

The bank analyst office, not only has your loan application to analyzed, then your request is put in waiting theyr turn , which can be even after 20 or more days . The gentleman and the lady ,  future borrowers are advised to arm themselves with patience , call the bank officer every week , has no result,  it has no power over the timing of the analyst office , when will come the turn of your mortgage,  he will be placed on the table of the analyst on duty . 

The time required to obtain a response from the Italian bank about the mortgage application , may reach the 60 or more working days , calculated from the date on which all required documentation has ben submitted to the bank , and its Mortgage Application was signed. 

After the bank has issued the " Delibera Favorevole"  , the bank officer ask  :

- Opening of a bank account (some bank ask opening of his bank account) 

- The fire insurance (for mortgage to buy , some banks ask signature of its own fire insurance , issued for the total mortgage duration, the price of which is deducted from the amount of mortgage)

- The life insurance , to ensure the full payment of the mortgage, in case of the death of one or of all borrowers (some banks do not ask this) 

Received this  three documents , the Italian Mortgage contract is Notary charged for  signature and Italian's offices registration .

 

 

 

 

The payment of the Italian Mortgage for the purchase , will be made as soon as the Notary has certified the above action : by Italian law 11th days after

Note some banks pay immediately the mortgage to buy , with a little fees

 

The payment of the Mortgage to Restore,  Mortgage to buy and restore , Mortgage to Refinance and restore, Mortgage for surroga and restoration ,  will be made in more installments, depending on progress of the works .

For each installment the banks ask a mini-expert-report , issued by his survejor , the relative fees (low) are drawn from mortgage payment. 

© 2002 Lifeinitaly.it

 

To have an initial feasibility analysis or  know the maximum amount of the Italian Mortgage that you are able to bear

 

>> Fill and send this form to Ugo <<

This initial feasibility analysisis is free of charge

 

Remember 

The granting of the Italian Mortgage  , is subject by the bank approval 

 

 

>> what clients say about Ugo <<

© 2002 Lifeinitaly.it

 

Gli italiani , residenti all'estero , che percepiscono il loro reddito al di fuori del territorio Italiano, che non sono in grado di compilare il modulo in lingua inglese, e che desiderano avere una prima analisi di fattibilità per conoscere il massimo importo di mutuo che possono richiedere in base ai propri redditi ,  sono pregati di 

 

>> Compilare e spedire questo modulo a Ugo <<

 

La concessione del mutuo è soggetta alla finale approvazione della banca 

 

>> cosa dicono di Ugo i suoi clienti <<

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>> Mortgage In Italy Required Documents List<<

 

NOTE : this is the full document list , please do not start sendig before receive YOUR document list  ,

Ugo , send it to you after his application signature , according your financial position , job, mortgage request and so on .

 

 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME 

Your home may be repossessed if you do not keep the mortgage installments

 

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