Mortgages

Notes for property purchase in Italy

Overseas mortgages As with many countries Italian lenders do not offer self certification or non status home loans.

All successful home loans will have been supported by proof of income. If you are employed you will need copies of your last three months payslips and also copies of your latest P60/Employers references together with copies of your last 6 months personal bank statements.

For the self employed home buyers copies of your last three years audited accounts and copies of both your last 12 months business and last 6 months personal bank statements will need to be supplied.

Italian lenders will not take into account any rental income from the property for mortgage purposes/repayments.

 

As with all mortgages for overseas properties the home loan will lent on the basis that the lender is confident you will meet all of your existing financial committments including any mortgage or rental payments, loans and credit card bills. They will want to feel confident theat you Italian home loan will not then make up more than 40% of your net monthly income.

Any property you buy should be in a habitable condition with constructed roads as access. All loans must have a suitable life assurance policy assigned to them.

You will need to have opend an Italian bank account. It is important that you take out appropriate independent legal advice especially before signing any legal documents such as the preliminary contract or 'compromesso' or before paying a deposit. The bank will require a copy of this document to be forwarded with the relevant application form. You can sign this contract with the clause "subject to mortgage finance".

A fiscal code, or tax code is manadory before you begin to purchase your property. Your solicitor will be able to advise you and all loans will be offered in Euros only.

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