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Getting A Mortgage In Italy

Should I Get A UK or Italian Mortgage?
There are no restrictions on foreign ownership of property in Italy, nor is there any requirement to use an Italian mortgage to purchase your property.

If you are planning to buy in Italy, you have two main choices:

Both approaches have advantages and disadvantages. Here are a few things to think about when deciding what's best for you: One of the best ways of finding out where you stand is to contact a specialist independent mortgage broker in the UK to discuss your options. They should be able to look at your personal circumstances and explain what choices are available to you and how much you can afford to borrow.


Getting A Mortgage In Italy


The Italian mortgage market has expanded considerably in the last few years, but is still relatively conservative and restricted compared to the UK market.

Italian mortgage lenders will normally only offer mortgages of up to 60%-80% LTV (i.e. 60%-80% of the purchase price) and there are no self-certification or non-status mortgages.

Mortgages will typically be over a 15 year term, rather than the 25+ years UK lenders expect. Most lenders will also require you to have paid off your mortgage completely by your 70th birthday.

Lending decisions are based on affordability:

Fixed-rate loans are the norm in Italy, which often results in quite competitive long-term interest rates.


If Your're Employed


If you are employed, you will need to provide the following documentation when applying for an Italian mortgage:



If You're Self-Employed

As the Italian lenders do not offer self-certified or non-status mortgages, self-employed mortgage applicants will need to show:



Rental Income

Italian mortgage lenders will not take potential rental income into account when calculating what to lend you. You must be able to afford the property without its rental income.

Read On

Introduction

Buying A Property In Italy – 4 Easy Steps

Should I Get A UK or Italian Mortgage?

Getting A Mortgage In Italy

Other Things To Check When Buying In Italy

Glossary of Important Italian Property Terms



Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below

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