Categories: Faq Mortgage

“May a foreigner or a non-resident get a mortgage in Italy?”
Ready to buy a house in Italy? Ask for our help regarding mortgage loans for non-residents in order to negotiate the best deal.
We help American, British, Australians, Canadians, Italian citizens who are not resident in Italy and people from all over the world make their Italian dream come true.
With our many years of knowledge and expertise in this field, we feel that we understand what our clients really need. Our approach is to make sure that you, as the client, are protected and that you know that there is someone working in your best interests. While just as important is keeping you informed and updated with regular communication. We are here to ensure that you have peace of mind that everything is being handled in the most efficient and comprehensive way.

In general, it takes 2-3 months, however, it depends on each bank and also how complex the case is.

At a certain point in the process, you may have the possibility of locking in an interest rate with a fixed rate mortgage product. 

Conveyancing in the UK is the part of the legal process that involves: doing all the searches to check that the person selling the property is legally allowed to do so, that there are no outstanding debts on the property, that there are no strange legal rights over the property (for example, maybe it is a countryside house and the public are allowed by some old law to walk through your garden when they want to). This type of thing. Then the lawyer also does the transfer of money from buyer to seller and the rogito. In the UK this costs from £800 to about £2,000 and around the same in dollars in the US it seems. 

Yes, unfortunately, this is feedback we receive every week from International clients. In general, it is difficult to find a bank that will arrange a mortgage directly with a foreign client. The reason for this is, first of all, they usually don’t speak English and are reluctant to deal with English-speakers, next they are not experienced in dealing with foreign documentation (tax returns, the different types of work contracts that exist in other countries etc) and non-residents will mean a lot more paperwork for them. It is really the reason why we exist! We remove the extra work for the bank and we deal with the client in English and the bank in Italian. We are also very experienced with all the documentation and differing types of tax returns and employment contracts from other countries.

Italian banks are extremely cautious and in general do not provide 80% mortgages (also for Italians who are resident and have income here in Italy). However, they really do look at each case individually, therefore it depends on many factors, which we can discuss with you and help you to obtain the most financing possible.

Italy does not provide specific BTL or “buy to let” mortgages, however, we can review you or your company’s circumstances or business plan and we then prepare your case to prepare for our bank contacts, who will provide a decision based on all the factors.

In our experience we have not known this to happen. The reason being that if you were to stop making repayments to the bank, the foreign bank would then have to go through the Italian legal system to gain full ownership of the property in question and this is likely to be very lengthy and expensive for them. However, this does not mean that it is not possible, we would suggest you do some research into banks in your home country to confirm if it is possible or not.

The simple answer is, it depends. Every situation is reviewed on a case-by-case basis by Italian banks, however, we can confirm that this is something we deal with on a regular basis and are happy to help you prepare your case to present to Italian banks in order to maximize your chances of obtaining a mortgage.

Having Italian citizenship, by itself, does not increase your chances of obtaining a mortgage. However, there may be other factors that we can use in your case to support your application.

Yes you can, contact us to arrange a consultation and we can discuss what type of mortgage could be possible for you.

The reason that you will find conflicting information online regarding this is because there is no simple answer. In general, it is true that for a non-resident only a few banks offer mortgages and they will generally provide up to 50% of the purchase price. However, banks really do look at each case on an individual basis in Italy. We use our existing contacts who are used to the types of cases we present to them and we are able to also obtain over 50%. However, it is only after we discuss with you about your situation that we can give you a better answer.

Yes it is possible, for non-residents we can help prepare and analyze your documents and present them to our bank contacts in order to increase the chance of it being accepted and to get you the best rate.

We provide all services associated with purchasing property in Italy. However, we charge you only for the services that you need. Book a consultation today and we can give you a breakdown of what our costs will be for your individual case. If you are only arranging a mortgage then we charge a flat fee to prepare and analyze your documents and then take them to 2 (and where possible) 3, banks. If the mortgage and property purchase go through to completion, then we charge a second (final) fee of a % of the loan.

The simple answer is, yes. Every situation is reviewed on a case-by-case basis, however, we can confirm that this is something we deal with on a regular basis and are happy to help you prepare your case to present to Italian banks in order to maximize your chances of obtaining the money and ensuring you get the most competitive rate.

Yes, we can help you to understand how much your monthly payment will be.

We can help you prepare a proposal of this type to present to one our existing banking contacts.

Michele can answer this better than me

Our lawyers will prepare your offer to minimize any risk of losing money. Please discuss this with us to get further details of this.

 There can be several economic risks during the process which is why we try to emphasize the importance of using a trusted lawyer to prepare your offer, deal with the estate agent and perform due diligence.

This varies case to case, with the shortest time period generally 2 months, while on average it can be 4 months or longer if any issues arise.

We have dealt with a wide range of purchases, from apartments to rent out in city centers, to castles, to countryside small estates being converted into an agriturismo. We really have a lot of experience in this area and it is rare that we discover new situations that we have not dealt with before.

In some countries it is possible to be pre-approved for a mortgage or loan, however, in Italy the banks and lenders do not provide this. We can speak informally with our contacts regarding your mortgage case, however, it is only once you have an accepted offer that you/we can officially approach a bank to request a mortgage.

In general, it takes 2-3 months, however, it depends on each bank and also how complex the case is.

We work with many different banks and search for the best rate for you.

Each bank will have its own requirements for a survey, however, in general it is at a basic level (please check or ask us to check what the requirements are in your case). However, most people request a more detailed survey be performed in order to ensure any issues with the property are identified before the purchase is made.

You can contact them directly by searching for contact details online. However, please bear in mind that the majority will only speak in Italian. Many will also not be willing to arrange a mortgage for a non-resident. However, we have existing trusted banking relationships in order to prepare your case and take it directly to one of our contacts.

In general, no. Each lender will want to see your personal circumstances and your financial situation and evidence of how you will repay the mortgage.

 Again, it really depends on each individual situation. However, in general we prepare and analyze your documentation before providing it to the lender and we will advise you of any potential issues ahead of time.

 It will vary depending on the situation, however, overall they will need a clear picture of your personal circumstances and financial situation. They will also want to see evidence of how you will repay the mortgage.

Speak with one our experienced staff to understand what type and amount of loan you may be eligible for.

Our suggestion is to speak with us first as we provide all 3 of these services and we can advise you on the best way to proceed. If you wish to go it alone for now, then start looking at properties online to get more information about what you are looking for. A lender will not consider a mortgage without knowing about the specific property you are buying.

Contact us so that we can help you to prepare an offer. We can ensure that you are not putting your money unnecessarily at risk and that you do not commit to any upfront estate agent or other fees in the small print.