Mortgages are available for mainland Italy as well as Sardinia and Sicily.
Eligibility and criteria
- Loans are available in Euros only
- Loans are only available on a repayment basis
- The maximum loan to value for a purchase is 80%
- Applications for remortgages for Home Improvement purposes are assessed on a case by case basis
- The maximum term of any mortgage is 30 years (to age 75 maximum)
- The minimum loan amount is £75,000 with no maximum
Affordability
To qualify for a mortgage in Italy a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete our enquiry form and we will not charge you for this service.
Your existing liabilities, including your UK mortgage or rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed Italian mortgage payments. All this must not typically exceed 33% of your monthly net income.
For example if your net joint monthly income is £2,500, 33% of this equates to £825. If your only liability is your current UK mortgage payment of say £300 per month, this would leave a balance of £525 for your Italian mortgage repayment.
The amount you can borrow is also restricted by the maximum loan to value as mentioned under Eligibility and Criteria.
What evidence of income do I need?
If you are employed:
Your last two month’s payslips
Your last two years P60's
Your last six month’s personal bank statements
If you are self-employed:
Your last three year’s audited accounts & last two years tax returns
Accountants declaration
Your last six month’s personal and business bank statements.
Max term 30 years
£ 80,000 minimum loan
Repayment Only mortgages
