Italian Mortgages



Mortgage Terms (Italian mortgages are currently under review - July 2009) Location: Mainland Italy. Type of Loan: Repayment or interest-only for purchase, remortgage or capital raise. Loan to Value: Varies from lender to lender, for non residents 80% of the lower of the valuation or purchase price can be achieved, and 65% to 70% of the final valuation for renovations. Term: 10 to 25 years for interest only and 10 to 40 years for repayment. Loan must be cleared by age 75 - 85 years. Interest rates: Please contact IMM for a personal quote Proof of Income: This is required by all lenders. Italy operates full status loans only. Please contact IMM for further details. Fees: Bank fees are typically 0.5% to 1% of the mortgage amount and mortgage registration taxes are 2% for second homes (holiday/investment) and 0.25% for a primary residence. The total costs for buying a property, including notary, bank, legal, registration and VAT etc, with a 70% mortgage are typically 15% of the total price. Legal issues and Valuation Remember: don’t sign anything or put down a deposit until you have taken legal advice, the preliminary agreement is called the compromesso. Your lawyer will be able to extensively cover the legal costs and taxes you are liable for prior to committing yourself to a purchase or remortgage. You should ensure that any decision to purchase a property is conditional on obtaining a mortgage. The property must be free from all charges and comply with building regulations. Italian law requires that completion has to be formalised by a local public notary. The notary will draw up the sale deed, registers the property with land registry and pay all taxes and duties on your behalf. IMM will liaise with your lawyer throughout the process. We will obtain the relevant documents recording the current ownership and registration of the property. Applying for a mortgage Please contact us as soon as possible to arrange an approval in principle. This will enable you to find out how much you can borrow and obtain initial terms. If you haven't found a property that you want to buy we can help you to establish your affordability and issue an approval in principle based on your current financial situation. See Glossary for an explanation of some Italian legal terms. Please feel free to contact us europe@intl-mortgage.co.uk or request a quote

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International Mortgage Management is a registered trading name, that complies with data protection and holds a consumer credit license. Your property may be re-possessed if you do not keep up repayments on your mortgage. The exact fee for our service will depend on your circumstances and the location of the property. The Financial Services Authority (FSA) is the UK's mortgage regulator however it does not regulate international mortgages. We are not tax advisor's, and do not offer any advice or recommendation on tax or legal issues. All comments and figures are for illustrative purposes only; we strongly recommend that you see an independent tax advisor and lawyer. All mortgages are subject to status and offer and will not be binding unless stated otherwise. Flag images are provided by www.3DFlags.com.

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