If you’re a UK citizen you have an undeniable right to purchase a home in Italy – i.e.., Italy has no rules restricting what you can buy and so the good news is, if you’ve fallen for the irresistible charms of the stunning Italian countryside, the dramatic Italian architecture, the fantastic cuisine and the beautiful and blessed climate in Italy you can go ahead and start looking for your ideal property in Italy.
If you require financing to assist you with your real estate purchase, mortgages in Italy for British purchasers are widely available both locally in Italy and internationally from banks and lenders with a more global reach. In this article we look at the options available for those seeking mortgages in Italy.
The first thing you need to consider is the fact that you shouldn’t make an offer to buy any property in Italy if you require financing to assist your purchase until you have a mortgage at least discussed and maybe even agreed in principle – this is because you risk holding up the entire buying process otherwise, and possibly even losing out on your dream home if the vendor loses patience with you while you wait for all the paperwork to be done.
What this means is that you should speak upfront with a lender or with multiple lenders to determine how much money you will have to work with based on the deposit you can find, the amount you earn and interest rates you will have to pay for example.
In terms of which mortgage brokers, banks and building societies to speak to – you can either travel to Italy and speak to the Italian banks, or you can take an international approach.
If you decide to approach Italian banks make sure your Italian is up to scratch and also make sure you are comparing like for like when you are given an offer. Compare not only the amount you can borrow, the repayment terms and the interest rate but make sure the products offered are similar in the way they secure the money, commit you to the repayment process and pay back the balance of capital and interest.
If on the other hand you choose to take an international approach you could try speaking to Barclays Bank about their international presence and the fact that they are a leading lender for British buyers purchasing real estate in Italy.
You will be advised by an English speaking relationship manager either on the phone, in person or via email if you click here to contact Barclays and complete your brief details in the form you’re redirected to. You will also be shown the mortgage options available to you in Italy, how you can avoid currency risk because Barclays lend in euros, and how Barclays can literally guide you through the entire application and purchase process in Italy because they have branches across the country.
Whichever approach you decide to take – remember, get as much free advice up front from qualified banks and lenders about how much you will have to work with before you begin hunting seriously for a home in Italy.
