Yes, it is possible! Non-resident foreigners in Italy have the legal right to obtain a mortgage to buy property in Italy. However, due to the economic crisis and new anti-money laundering regulations, Italian banks have tightened their mortgage policy in recent years, especially when dealing with nonresidents.
Banks and mortgage for foreigners in Italy
Despite this, there are still some Italian banks willing to grant mortgages to nonresidents. Part of our daily work is to prepare a client’s case to present it to one of these banks with whom we have an existing and trusted relationship. This is also one of the reasons why it is advisable to appoint us as your local Italian law firm, so that we can assist you as a foreign buyer in this procedure.
How to obtain a mortgage in Italy as a foreigner
To apply for a mortgage in Italy, you will need an accepted offer on a specific property. Before you make an offer on a property in Italy, keep in mind that the contract may include a sum of money you could lose, so we strongly recommend that you hire one of our lawyers (or another Italian lawyer) to prepare the offer with you.
Italian mortgage interest rates for nonresidents
We are often able to get the same interest rate through our existing banking relationships for our nonresident clients as for our resident and Italian clients.
How typical is a down payment for a home or property in Italy?
This can really depend on the situation. In general, expect your down payment to be higher than it would be in the United States or the United Kingdom. However, we are here to help you prepare your individual case to get the highest possible loan as a nonresident.
What are the best banks for getting a mortgage for foreigners in Italy?
This can change depending on the bank’s current situation. They may offer mortgages to nonresidents one month and then put this on hold for several months. Fortunately, we have established relationships with the banks here and can guide you through the process and apply and negotiate on your behalf.
Why do I need an Italian lawyer to represent me in obtaining a mortgage?
Buying property can be a complex process, particularly if you are not a native of the country in which you wish to purchase the property. Italy, in particular, has a unique legal and bureaucratic system that can be difficult to navigate without the help of an experienced lawyer. This is especially true when it comes to obtaining a mortgage to finance the purchase of a property.
There are several advantages to hiring our firm when you want to obtain a mortgage to purchase a property in Italy. Here are some of the reasons why you should consider hiring us:
Knowledge of the Italian banking system
We are experts in the Italian legal system and can provide valuable advice and guidance on navigating the legal requirements and procedures for obtaining a mortgage in Italy. This includes understanding the required documentation and formalities, as well as the relevant laws and regulations governing mortgage financing in Italy.
Assistance in negotiating mortgage terms
Our lawyers can assist you in negotiating the terms of your mortgage with the lender. This includes ensuring that interest rates and repayment terms are fair and reasonable. They can also help you understand the implications of any terms or conditions in your mortgage agreement, such as early repayment penalties.
Protection of your interests
We will represent your interests throughout the mortgage application process and make sure your rights are protected. We can review all legal documentation and advise you on any risks or problems that may arise during the mortgage application process.
Communication with lenders
We can communicate with lenders on your behalf, helping to streamline the mortgage application process and ensuring that all necessary documentation is provided in a timely and accurate manner. We can also help you understand lender requirements and expectations, making the process smoother and more efficient.
Peace of mind
Finally, hiring our firm to assist you in obtaining a mortgage can give you peace of mind. You can be sure that you are following the correct procedures and that your interests are protected. This can help reduce the stress and anxiety that often accompany a large financial transaction, such as buying a property.
It is important to understand that getting a mortgage in Italy is very different from countries such as the United States and the United Kingdom, especially when it comes to the possibility of losing money from the moment you sign an offer if you have not received guidance, to understanding the local laws that will apply to your particular property and any penalties to which you may become liable if something was not handled properly even before you were the owner.