{"id":1510,"date":"2024-02-16T08:12:21","date_gmt":"2024-02-16T08:12:21","guid":{"rendered":"https:\/\/www.clementelawfirm.com\/realestate\/?p=1510"},"modified":"2024-02-16T10:08:46","modified_gmt":"2024-02-16T10:08:46","slug":"italian-mortgages-for-foreigners","status":"publish","type":"post","link":"https:\/\/www.clementelawfirm.com\/realestate\/italian-mortgages-for-foreigners\/","title":{"rendered":"2024 ITALIAN NON-RESIDENT MORTGAGES"},"content":{"rendered":"

\"\"<\/p>\n

Good news for overseas property buyers<\/em>
\nExpanding of your Budget and power of purchase<\/em><\/p>\n

Securing of a non-resident Italian mortgage<\/u><\/b> to purchasing a property has always been considered in the past kind of complicated, if not virtually impossible.
\nThe current historical situation might instead lead to a different scenario, and for the following reasons:
\n1) At the moment banks are \u201cparticularly liquid\u201d (meaning with an over excess of liquidity\/cash<\/u><\/b>) and lately they seem to be more keen to open the doors to this \u201cfinancial product\u201d (non-resident mortgages for instance)
\n2) After the rise registered in the last quarter of the year 2022 and all 2023, Interest rates are finally about to drop<\/u><\/b>, with this meaning that the economy is less fragile and the financial conditions more favorable for the home buyers
\n3) Inflation<\/u><\/b> seems now to be under reasonable control
\n4) The growth of the real estate market is on hold<\/b><\/u><\/p>\n

On the other hand \u2013 and if compared with the general conditions applied by the American banks – the interest rate in Europe remains anyway more convenient<\/u>.<\/p>\n

Given all this and the structural need of the bank to allocate this excess of liquidity in a stable way, 2024 could be the year that marks a decisive inversion of the trend.<\/p>\n

A brief overview:
\nFon ron-residents, the maximum that an Italian bank would loan si equal to 50-60% LTV, typically with a minimum of eur 50.000<\/p>\n

    \n
  • Only properties that are complying with urban-planning and cadastral regulations can be eligible for a mortgage<\/li>\n
  • The applicant needs to provide the banks with certified documents about the income and financial status<\/li>\n
  • Before placing an Offer to Purchase in for the property you wish to buy, it is advisable to get a financial pre-approval <\/u><\/i>through a mortgage broker<\/li>\n
  • Timing to secure a mortgage is typically 6-8 weeks from the moment that a preliminary agreement of the property has been signed by the Parties<\/li>\n
  • The side costs of arranging a mortgage to be considered are: a) Mortgage tax<\/u> of 2% of the amount borrowed for second home buyers; b) notary mortgage deed fee<\/u>, usually ranging between \u20ac2500 \u2013 \u20ac3000; c) Bank survey<\/u>; d) Property insurance<\/u>; e) Mortgage broker fee<\/u>; f) Proxy fee<\/u><\/li>\n<\/ul>\n

    At Clemente Law firm<\/b> we have a local network of experienced brokers holding valuable contacts with many Italian banks that can find you the best deal.<\/p>\n

    We can also help you executing of the mortgage agreement (together with the sale&purchase one) everywhere in Italy and being appointed as your Proxy.<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":1513,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-1510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal"],"_links":{"self":[{"href":"https:\/\/www.clementelawfirm.com\/realestate\/wp-json\/wp\/v2\/posts\/1510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.clementelawfirm.com\/realestate\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.clementelawfirm.com\/realestate\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.clementelawfirm.com\/realestate\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.clementelawfirm.com\/realestate\/wp-json\/wp\/v2\/comments?post=1510"}],"version-history":[{"count":3,"href":"https:\/\/www.clementelawfirm.com\/realestate\/wp-json\/wp\/v2\/posts\/1510\/revisions"}],"predecessor-version":[{"id":1514,"href":"https:\/\/www.clementelawfirm.com\/realestate\/wp-json\/wp\/v2\/posts\/1510\/revisions\/1514"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.clementelawfirm.com\/realestate\/wp-json\/wp\/v2\/media\/1513"}],"wp:attachment":[{"href":"https:\/\/www.clementelawfirm.com\/realestate\/wp-json\/wp\/v2\/media?parent=1510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.clementelawfirm.com\/realestate\/wp-json\/wp\/v2\/categories?post=1510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.clementelawfirm.com\/realestate\/wp-json\/wp\/v2\/tags?post=1510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}