Italy
With our key international partners, some of whom have been in Italy for 15 years. North Mortgages can offer some of the best Italian mortgages on the market. We also have an English-speaking team, based in Milan, who are dedicated to helping you get the best available mortgage products that exactly fits your needs.
A euro mortgage is similar to a UK mortgage in that you can choose from variable, fixed and variable interest-only. The interest rate will be linked to the EURIBOR (European Inter Bank Offered Rate) monthly average if you're applying for a variable rate mortgage.
Typical Italian mortgages we offer are:
- Fixed Rate - Fisso. With our Fixed Rate Mortgage, you have the comfort of knowing how much your repayments will be for the life of the loan. The fixed rate is based on the official index for long term loans to which a margin (spread) is added. We offer fixed rate mortgages with repayment terms over 10, 15, 20, 25 or 30 years. Check out our latest rates and products here.
- Interest Only Variable with Capital Reimbursements - Libero
With our Libero mortgage you will benefit from low monthly payments as they are interest only, plus they'll reduce the amount owed with staged capital repayments. You will also benefit from any reductions in the European interest rate as it's indexed against the EURIBOR on a monthly basis. We offer repayment terms of 10, 15, 20 and 25 years, with the capital repayments varying according to the term of the loan.Check out our latest rates and products here.
Tailor Made mortgage
We offer a variety of products ranging from self build, renovation, purchase and renovation, remortgage and equity release and each will be assessed on a case by case basis. Please call our team to find out more. Check out our latest rates and products here.
Extra costs you will need to consider
The buying process in Italy could be more expensive than the UK and costs can vary significantly. As a guide we'd advise you to budget for at least 15% on top of the purchase price, and 20% for a new property.
Estate agent charges - usually between 1 and 3% of the purchase price, but they are negotiable and may be split between the buyer and seller. Properties are sometimes advertised with charges and VAT included Land Registry taxes ('Imposta di Registro', Imposta Ipotecaria e Imposta Catastale) vary from 3 to 7% depending on the declared value and the reason for purchase (residential, second home etc.).
Most non-residents pay 7% Notaio charges - these also vary according to the declared value
Mortgage registration charge - this is 0.25% of the loan amount if the property is your main residence, or 2% if it's your second home VAT or 'Imposta sul Valora Aggiunto' (IVA) - this is only payable for new homes and varies from 10% up to 20% for luxury homes. It is usually included in the price, but always check to make sure.
Check out our latest rates and products here.
GET A QUOTE TODAY!
At North Mortgages our Mortgage Experts will take care of everything on your behalf. Remember, we source mortgages from the whole of the market, so you know your getting the best deals available and all tailored to suit your personal circumstances.
Call NOW on: 08000 949 595 or contact us today to arrange a Call Back.
