Likely Costs

The cost of buying a property in Italy can typically be between 15-17% of the purchase price. In particular you will need to pay:

• Purchase Tax: 10% of the declared price if the property is urban and you are non-resident in Italy, or 19% on agricultural property. This tax comes down to 3% if you are resident or say that you will become resident within 18 months of signing the final contract.
• Notary's Fees: Typically 1 to 2.5% of the declared price
• Bolli (stamp duty): 1% of the declared price
• Estate Agents Fee 3% of the purchase price plus VAT of 21%
• Legal or Surveyors Fees
• Translation and Interpreter Fees if you are not an Italian speaker: around €1,000

We can help save you money on the translation and interpreters fee and recommend various trusted professionals and Notaries. Our fees are part of the local Agent's commission.

Financing Your Purchase

If you are not financing your purchase wholly from cash reserves or from the sale of a property at home then we can help you to get the best mortgage for your purchase. You have a number of choices available to you:

You can either get a mortgage in your Country of origin. In the United Kingdom many High Street banks are offering mortgages for property in various European countries.

Or you can get a mortgage based in Italy. The maximum loan to value for lending in Italy is 70% for non residents. The maximum term is 30 years with rates typically around 4.9% for variable rate mortgages and slightly higher for fixed rate mortgages.

Call us now if you would like us to recommend a mortgage broker to help ensure that you get the best deal:

Telephone: +44 (0)1202 478665

Email: enquiries@vistalagohomes.com

Skype: vistalagohomes

Get An Italian Mortgage

If you have been led to believe that the Italian banks are no longer lending to non-resident customers here is some good news - Italian banks are still lending to financially sound non-resident clients.

Turmoil in the financial world since 2008 has led to many Italian mortgage providers to radically change their lending criteria and tighten their conditions for eligibility, but Italian mortgages are still available to financially sound applicants.

So, to get an Italian mortgage just follow the six quick and easy steps below and you'll be in your Italian dream home faster than you thought possible:

1. Use a mortgage broker

As with all Italian administration the paperwork can be complex and time consuming. You can save yourself time, frustration and money by using a good Italian mortgage broker.

2. Remember the cultural difference

Italian banks are Italian and work differently to UK, US and Australian banks. Their lending criteria are different, their processes are very much more thorough and they play by different rules based on the standard Italian financial profiles. In short, to get an Italian mortgage you need to think Italian.

3. Find out how much you can borrow before you start your property search

It's better to know your maximum mortgage potential and aim to achieve a mortgage within that limit - Italian banks will not lend to people who overstretch their finances.

4. Be realistic when you complete your Italian mortgage application

Italian banks don't use credit scoring but instead the audit the finances of every mortgage applicant in detail. Don't omit any loan, credit card and hire purchase payments from your application and make sure you can substantiate every penny of income.

5. Make sure you can provide all the supporting documents listed on the mortgage application

Supplying all the documents listed by the bank looks like a daunting task and it's why we suggest you enlist the help of a mortgage broker. A complete and well-presented mortgage application will speed up the process and will help the bank view your application most favourably.

6. Remember to adhere exactly to your mortgage offer acceptance conditions

Italian mortgage offers are valid for a limited period of time after issue date and the acceptance process is governed by Italian law. If you fail to comply with the mortgage acceptance terms to the letter you could find yourself having to start the mortgage application process over again.

We recommend Best French Mortgage who have a team dedicated to Italian mortgages and are a family run business with Italian roots.