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Request a
quote for a mortgage to buy property in Italy |
Mortgages to buy property in Italy are provided
by IPF Ltd, a London based multilingual mortgage brokerage that specialises
in overseas mortgages. Use the free quote button above to request an Italian
mortgage quote.
All Italian mortgages are in Euros and will be secured
against the Italian residential property. Italian mortgages are full status and
therefore proof of income and outgoings will be required to submit an
application to an Italian mortgage lender.
The maximum loan to value available for an Italian mortgage is 80% of the purchase price.
The mortgage lenders in Italy assess eligibility on the applicant's capacity to repay the
mortgage. As a guideline, your existing monthly outgoings as well as the
monthly repayment on your new Italian mortgage should not exceed 35% of your
gross monthly income. A percentage of any rental and investment income you
receive can also be considered. Mortgage, rent, personal loans and
maintenance commitments are all considered as outgoings. To find out how
much you can borrow on an Italian mortgage complete the
quotation request form.
Italian Mortgage Guide
A comprehensive guide to obtaining an Italian mortgage can be found here:
Italian Mortgage Guide
Types of Italian mortgage
Italian mortgages can be obtained for the purchase of new or existing
properties in Italy. The property must be registered at the land registry as a
habitable civil dwelling. Please note that the criteria for ‘habitable’is
set by the local authorities in Italy, and unless the property has been granted this
certificate, Italian mortgage finance cannot be obtained.
Recent News item on Italian Mortgages
Barclays buys Italian mortgage business
LONDON (AP) — Britain's Barclays bank said Thursday it has bought the
Italian residential mortgage business of Australia's Macquarie bank.
Barclays PLC, which raised 7.3 billion pounds ($11.8 billion) from Middle
Eastern investors last month, is not disclosing the amount it paid Macquarie
Group Limited for the business.
The purchase increases the value of Barclays mortgage book by 1.1 billion
euros ($1.4 billion) — or nearly 10 percent. Before this deal, Barclays
mortgage book was worth roughly 12 billion euros ($15 billion).
"Our existing Italian mortgage business has grown through the
combination of a prudent lending policy and careful management of customer
relationships," said Frits Seegers, chief executive of Barclays retail and
commercial banking arm. "This acquisition augments that business."
Barclays shares fell 6.2 percent to 183.7 pence ($2.90).
Italians affected by high mortgage rates
About 84 percent of Italians have difficulty paying their mortgage
instalments due to the effects of the global financial crisis.
The president of the Italian Consumer Federation, Rosario Trefiletti, says
the country is 'definitely' faced with a mortgage crisis though it has been
denied for years.
“About 3.2 million families have been affected by the rise in mortgage
interest rates,” he told Press TV correspondent in Rome, Christine Legault.
Nearly 2 million of Italians are struggling to make ends meet and about
130,000 are running the risk of eviction.
“The cost of living is very high. It's hard to make ends meet with a low
salary. You almost need a second job to do OK,” says a Rome citizen.
“It has been this way for several years now. You must be careful on what
foods you buy. You must make smart choices not to spend too much,” says
another citizen.
The government signed an agreement with the Italian Banking Association in
May to allow for the renegotiation of variable mortgages into fixed-rate
ones for those in difficulty in a bid to tackle the crisis.
Trefiletti, however, says the plan is not practical.
In some cases, the repayment terms had to be extended to more than one
hundred years to stabilize the rates, he says.
“This is an awful situation which coincides with the existing problems for
Italian families; those with low purchasing power in the face of rising
prices.”
The consumer federation has suggested that mortgage holders either
renegotiate with their existing bank or transfer mortgage to a competitor,
if it means obtaining better interest rates.
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