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Italian real estate mortgage to non italians, to buy , restore, build, residential properties in Italy  

 

Brand by Ugo Vagniluca

Mediatore Creditizio nr.45214  &  Agente Finanziario nr. A483

 

 

Restore Only Mortgage Explain 

 

this page to explain on  three point + examples ,  the  Restore only mortgage procedure and payments .

All the following examples are on basis of an borrower , that by his income analisys is allowed of to take  an mortgage for  200.000,00 euro.

 

1) according the standard bank  requirement for Restore only mortgage , the borrower  can take an mortgage  till max 70% on the home commercial value calculated once the restoration works have finished . This calculation has to confirmed by the bank survejor .

 example 1 :

the home commercial value once the restoration works have finished  to be 300.000,00 euro 

then the borrower can take mortgage till 300x70% = 210.000,00 euro


YET THE BORROWER , ACCORDING HIS INCOME ANALISYS  CAN'T  TAKE MORTGAGE MORE  THAN 200.000,00 EURO .

 

2) according standard bank mortgage requirement for Restore only , the borrower  can take mortgage , till max 70% of the home to restore commercial value 

example 2 : 

the home commercial value at purchasing is  120.000,00 euro
the borrower can take mortgage for 120x70% = 84.000.00 euro

 

3) the combination of  the point 1 and the point 2 make the following results  :

AS , 

A) the borrower  buy a home for 120.000,00 euro 
B) the borrower  restore this home and  the commercial value once the restoration works have finished  is 300.000,00 euro 
C) the borrower can take mortgage for max 200.000,00 euro 

the payment timing  shall : 

Bank pay to the borrower  84.000,00 euro  at moment of  the  purchasing 

Note 1 :  according italian financial laws the payment to be make after the mortgage registration = about 15 days after the purchasing registration

200.000,00 euro - 84.000,00 euro  = 116.000,00 euro

Bank pay to the borrower  116.000,00 euro , during restoration works in one or more times , according bank survejor mini expertise and after the works making .

ATTENTION :  VALUES CALCULATION IS SUBJECT BY BANK SURVEJOR EXPERTISE AND FINALLY BANK APPROVATION .
D) during all times from the date of purchasing and mortgage contract  signature ( according Note 1 )  to the date of works ending ,  the borrower  pay  full mortgage monthly installment for money received at mortgage contract signature , and only interest quote on mortgage payments for restoration works

example 3  ,  

the borrower pay :

full mortgage monthly installment for 84.000,00 euro and only interest quote for 116.000,00 euro till the restoration works has finished.

 

 

ATTENTION 


all examples is ONLY examples, the real mortgage value , mortgage payable quote , mortgage interest , are subject to the finally Bank approvation . 

Fixed interest rate is freezed at mortgage contract signature and remain freezed for all mortgage duration .

Variable interest rate ( if you like this) vary month by month according euribor monthly basis + Bank spread ( the bank spread vary according selected mortgage duration )  .

 

 

>> Klick here to Go back to Italy Mortgage Guideline <<

 

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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