Lucca and Versilia

Navigating the Mortgage Maze as a Foreigner in Lucca and Versilia

Italy, with its rich cultural heritage and stunning landscapes, has long been a magnet for those looking to purchase a slice of Mediterranean bliss. Foremost among these are the idyllic properties in the province of Lucca, where rolling hills and historical towns offer a dream setting for international buyers. However, the process of securing an Italian mortgage as a non-resident can seem daunting.

Navigating Italian mortgage requests as a foreign buyer is not easy: international buyers frequently encounter reluctance from Italian banks. The reluctance often arises from the perceived risk of lending to non-residents. It’s not uncommon for foreign applicants to face silence, lack of English-speaking personnel, or rejection. In the fortuitous event that a mortgage application is reviewed and ultimately the loan is granted, Italian banks typically require 40-50% down payments from non-residents and offer shorter repayment terms. Variable rate mortgages pegged to Euribor are more common than fixed rate products. Foreigners also often face interest rate surcharges of 1-2% compared to locals.

This is where ILF – Italy Law Firm steps in. We are a legal and technical consultancy based in Viareggio, Versilia, that specializes in guiding foreign clients through the intricacies of the Italian property market, including the often complex process of securing a mortgage at competitive market rates, without any added premiums.

Buying Property in Italy’s Lucca Province

The dream of owning a home or start a real estate business in Tuscany has attracted growing numbers of overseas buyers in recent years. British, American, Swiss, and Russian buyers in particular have flocked to sub-regions like Versilia to purchase their slice of la dolce vita. According to a report on 2023 real estate market data by Gate-away.com, Americans, British, Swiss, Belgians and Germans are among foreign buyers interested in purchasing properties in Tuscany. However, experts estimate only 30% of foreign purchasers obtain financing from Italian banks due to restrictive criteria.

This is where specialized law firms like ILF provide critical support. ILF’s experts help offshore buyers throughout the entire purchasing process, improving their mortgage prospects. The firm’s key advantage is providing guarantees to banks that significantly de-risk lending to foreigners. These include verifying all documentation is accurate, overseeing the transaction until completion. Such guarantees can help foreign buyers secure rates in line with Italians.

Mortgage in lucca and versilia

ILF’s personalized assistance also helps guide buyers through the bureaucratic process of obtaining extensive documents like proof of income, credit history, valid identification, pay slips, bank records, asset statements, and property valuations by certified experts

2024’s Italian mortgage rates remain attractive, but they are subject to change based on economic conditions. ILF keeps a keen eye on the current mortgage rates in Italy, ensuring their clients have the most up-to-date information. 

Selecting the Best Italian banks is our job, ILF has established relationships with the best Italian banks for mortgages, ensuring their clients receive fair treatment and clear communication.

The question “Can you get a mortgage in Italy?” is met with a resounding “Yes!” with ILF’s guidance. Once the loan is secured, ILF continues to stand by their clients’ side, ensuring that the rest of the purchasing process is smooth. This includes the contract to purchase the home (rogito), finding a notary, design and renovation work with our architects, the verification process with public agencies, taxation, and management of the property once built.

If you are looking for legal assistance in North Tuscany (Lucca, Pisa, MassaCarrara), do not hesitate to contact us!

Mortgage request

If you are looking to buy a house and you need a mortgage, do not esitate to apply for our legal assistance.

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