Notes for property purchase in Malta
Lenders in Malta will not offer home loans on a self certification or non status basis. All loans will need to be supported by proof of income.
If you are self employed you will need to put forward copies of your last three years audited accounts and copies of your last 12 months business and last 6 months personal bank statements. If you are employed you will need to have copies of your last 3 months payslips and copies of your latest P60/Employers Reference together with copies of your last 6 months personal bank statements.
Maltese lenders will not take into account any rental income on the property for mortgage purposes. You should always aim to arrange your mortgage before agreeing to purchse a property. If you are planning on buying a new home you should find out the date the property will be registered in your name as the lender will not lend on the security of the property until it has been registered.
All mortgages have to have a Life Assurance Policy arranged by the lender. You will need to open a Maltese bank account and properties can be bought in joint names. Any property purchased needs to be for owner's own residence or for use by immediate family members although in some cases,the property may be let to other third parties.
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