Italian Mortgage Service 

IMS is a branch of  Lifeinitaly.it 

ITALIAN MORTGAGES FOR FOREIGNERS 

for buy , buy and restore , restore , refinance

residential properties , in Italy

ITALIAN REAL ESTATE MORTGAGES FOR FOREIGNERS

FROM 150.000  

TO  BUY, RESTORE ,  REFINANCE 

LIVING  PROPERTY  IN  ITALY 

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

 Some good reasons to use the Italian Mortgage Service 

by Ugo 

to secure your  mortgage in Italy  

816  Mortgages  since 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 his place.

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, verifying 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  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 ,  write errors.

Ugo can also help you to do all the documentation to apply for Elective Residence in Italy  (required by most banks to start mortgage procedure ) . 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 , provide you an Italian mobile phone number , open an Italian bank account , 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  your documents, the texts for the proxies necessary  for the execution of the mortgage procedure and for the purchase procedure, if required, get Italian tax code , Real Estate Agents contacts to receive property documents , checking if the property is mortgageable , according  the Italian Banks policy , and maybe find an english speaking Notary , in order to provide a compromesso text . Opening  of Italian bank account , Provide help to ask italia Elective Residence .

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 or property seller , support to the work designer , 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 issues the favorable 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   , domiciliary expenses for one or more signatures on the mortgage contract  , domiciliary expenses for  purchase contract signature ,  managing of  the all bank surveyor expertise .

NOTE  > The mortgage contracts with 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 40km from Ugo's office .  For the work required to complete the full payment of the mortgage from the bank, which are carried out within 18 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

>> HERE <<

ITALIAN REAL ESTATE MORTGAGE 

GUIDELINE

Mortgage to not Italian's ,  can be from 6  to 30 years , and from 150.000 euro - 

The Real Estate Mortgage in Italy can be given , for First or Second Home , 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 74  years   , the applicant must not be aged over 80  years  when the mortgage will expires .

Notes 

1) Request of  Mortgage in Italy is possible for foreigners of  the following nationality : American, English,  Hong 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 .  

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  , on land plot, can be accepted, the payment of the mortgage, begins after the building of the roof and walls

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

8) Mortgage for investments , for properties with receptive cadastral clasificacion , allowed , elective residence in Italy required , Physical persons ONLY !!  

VERY IMPORTANT NOTICE 

To submit mortgage request to the bank , is needed real estate cadastral data . For Mortgage to buy in Italy (purchasing mortgage ) , the preliminary agreement  (compromesso) signed by the parties,  is required . For  Restoration , Building , Rebuilding , the License ( issued by commune offices) is required. For Refinancing mortgage , Property Ownership document (atto di acquisto - purchasing Deed )  and habitability certification , is required . 

( 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 :  House  , Apartment, Castle, Farmhouse  (casale, country house, holiday homes)  newly certified as residential , Villa,  Buildings in medieval and renaissance cities or in the Italian  countryside . Second Home allowed . For investments also .

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

- to build on land plot , or ruines rebuilding . On this case the payment of the Mortgage in Italy , begins after the construction of the roof and walls

NOTES

- For restoration mortgage , is applicable fixed or  variable interest rate . 

- The borrower can pay off   the Mortgage at any time , 

- Pay off penalty (if existing) vary from bank to bank 

- According Italian laws, No pay off  penalty  for Prima Casa Mortgage is required 

Buy Only Mortgage

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

1 -  Mortgage Amount from  150.000 euro - 

2  -  Mortgage Duration from 6 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 to ask  payment of 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 , Ruine to Restore ,  ONLY  at following conditions :

1 -  The value of the property, at the time of the loan request, is the commercial value at the end of the restoration, calculated on the basis of the values shown in the metric calculation issued by the designer. The assessment must be confirmed by the Bank's surveyor.

2 - Mortgage Amount from  150.000 euro   

3 - Mortgage Duration from 10 years 

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

5 - With a restoration  license issued  , for immediate restoration works , on more payments  .

6 - The bank start the mortgage payments  if is in according to the  building structure value , according bank surveyor expertise 

>> Restore Only mortgage procedure explain << 

( click on this title for more info )

- to Restore Only existing home  , ONLY  at following conditions :

1 -   The value of the property,it has no influence on the value of the loan that can be requested. The value of the loan will be equal to 50% of the value of the restorations to be carried out, as stated in the metric calculation, drawn up by the construction manager, and attached to the loan application.  The assessment must be confirmed by the Bank's surveyor.

2 -  Mortgage Amount from  150.000 euro 

3 -  Mortgage Duration from 10 years 

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

5 - The  Restoration Mortgage to Restore 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 license issued by a commune offices.

6 - The Mortgage in Italy to Restore contract signature and first payment , according bank surveyor expertise , 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  150.000 euro  - to  500.000 euro

- NOTES

- till 50 %  of the home commercial value , confirmed by bank surveyor , for Investments only .

- till 50 %  of the home commercial value , confirmed by bank surveyor , for buy only .

- till 50 %  of the home commercial value calculated once the finished works , confirmed by bank survejor, for restore only  .

- till 50 %  of the home commercial value once the works have finished , confirmed by bank surveyor, for buy and restore   .

- till 50% of the home commercial value , confirmed by bank surveyor , for refinance  only .

- till 60% of the home commercial value ,  confirmed by bank surveyor , minimum 100.000-euro mortgage amount , ONLY TO ITALIANS  AIRE  SCHEDULED 

- Equity loans do not are allowed for foreign citizens

- Customers with income exclusively from rentals cannod be financed 

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 written in Italian Language , no translation contract is allowed by Banks

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 cadastral value of  the property , written in the purchase notarized act, as : 2% for first home , 9% for a NON  first home (Note) , 15% for the land . All with a minimum amount of 1000-euro

4) Ugo's  services 

5) in some cases , the bank surveyor expertise

6) the home fire insurance 

7) in some cases, the life insurance guaranteeing 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 , if issued by bank 

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

4) Bank fees

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

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 by 18 months 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 Required Documents List<<

Mortgage in Italy Process

1> Bank , receive and check the Power of attorney , and in force of it , accept  Opening of a it's bank account  

2> Bank receive a documentation of your mortgage request , translated and sworn. If all is ok , start the point 3 

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

4> If the checking at point 3 , 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 translation (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 .

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

The bank analyst office, not only has your loan application to analyzed, then your request is put in waiting their 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 been submitted to the bank , and its Mortgage Application was signed. 

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

- 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 11  days after

Note :  some banks pay immediately the mortgage to buy .

The payment of the Mortgage to Restore,  Mortgage to buy and restore ,  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 surveyor , the relative fees (low) are drawn from mortgage payment. 

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  <<

This initial feasibility analisys is free of charge

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

For Contact Only 

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