2508 Mortgages

[LEFT][quote=slwhalley]Hi There,
Does anyone know of any mortgage companies who lend on inhabitable properties? We have been speaking to a few UK brokers who wont lend on an inhabitable building, yet we have been told by the estate agent in italy that italian banks wouldn't have a problem. We are hesitant in signing, if we can't get the mortgage we would loose a great deal of money. The estate agent wont put a clause in the compremesso that says if we fail to get a mortgage our monies will be returned.

Any Help![/quote]

You need to get a solicitor before you do anything else. I'd do this as a matter of urgency! Then concentrate on the mortgage.

[/LEFT]

[QUOTE=slwhalley]Hi There,
Does anyone know of any mortgage companies who lend on inhabitable properties? We have been speaking to a few UK brokers who wont lend on an inhabitable building, yet we have been told by the estate agent in italy that italian banks wouldn't have a problem. We are hesitant in signing, if we can't get the mortgage we would loose a great deal of money. The estate agent wont put a clause in the compremesso that says if we fail to get a mortgage our monies will be returned.

Any Help![/QUOTE]
**

Buonasera , good evening

here's Ugo
The specialist on Italian real estate Mortgage to non-Italians

miracles are my daily bread :))

pls go to my web site

[url]http://www.lifeinitaly.it[/url]

click on , for all mortgages procedure and info

[color=#669966](Text edited here by moderator - Marc - to remove promotion for commercial services unrelated to the original enquiry)[/color]

I wait your's visit, Ugo

If you are looking to buy a holiday home, and have property in the UK, then don't even consider an Italian mortgage. The terms are very strict as to borrowing vs income and there are major fees to be incurred. Also if your income is in the UK, you are exposed to currency exchange and bank charges.

If you have equity in a UK property, then you will always fair better by remortaging and buying outright in Italy.

The Italian lenders take a very "old fashioned" (others would consider "realistic") view of ability to repay. Also there are in Italy either "purchase" mortgages of "renovation" mortgages, but not both at once like in the UK (i.e. they won't fund the purchase and then release extra capital as you rebuild.

There are other active threads about buying property in Italy compared to the UK, and the underlying thing as that they are VERY different systems.

Good luck !:) :)

[QUOTE=slwhalley]The estate agent wont put a clause in the compremesso that says if we fail to get a mortgage our monies will be returned.

Any Help![/QUOTE]Get a lawyer on it before you make any kind of offer or hand over any money and make that clause (you have a right to it) a condition of the offer. I've heard good things about Giambrone & Law.

As someone who always appears to caution against the automatic use of Solicitors - if you really want this place I would strongly advise you to use one on this occasion.

[QUOTE=Wishful Thinker]
The Italian lenders take a very "old fashioned" (others would consider "realistic") view of ability to repay. Also there are in Italy either "purchase" mortgages of "renovation" mortgages, but not both at once like in the UK (i.e. they won't fund the purchase and then release extra capital as you rebuild.

Good luck !:) :)[/QUOTE]

Prima di parlare accendere il cervello, o meglio prendere le dovute informazioni !!

Dear sir , where you have this " VERY OLD " information ???

purchase + restore mortgage it's a standard operation in italy ,
already from more and more years :D

Axccording to Banca Woolwich website, they only offer purchase or renovation mortgages. Not both at once. :)

Yes, thank you, but I did quite a bit of research on the subject when I was looking to buy my place. No doubt a broker knows better, though. :)

[QUOTE=Wishful Thinker]Axccording to Banca Woolwich website, they only offer purchase or renovation mortgages. Not both at once. :)[/QUOTE]

Woolwich , do not are the ONLY ONE bank on the italian Mortgage market .
Nevertheless , if you have a problem on have a mortgage for buy and restore, both togheter , also with Banca Woolwich , i advise of to use a Italian brooker ( Agente finanziario - Mediatore creditizio-) with all licences issued by UIC (ufficio italiano cambi ) , that are expert on this business ; most of times , the " fai da te" do not are a good idea :rolleyes:

In Italy have more banks that work on mortgages for not italian peoples ;)

If you will go to my website , you can discover some novelties (for you ) ,
the dinosaur age to go .... also in ITALY !!

[QUOTE=Wishful Thinker]Axccording to Banca Woolwich website, they only offer purchase or renovation mortgages. Not both at once. :)[/QUOTE]

There are a lot of different kind of mortgages in the italian market.
A very common one is "mutuo per acquisto e ristrutturazione" or "purchase + renovation", normally used when people buy old houses needing a renovation.
It is usually "splitted" in different steps: a first step founds the mere purchase and the further steps found the renovation according to "stato avanzamento lavori", that is the progression of the renovation

ma per stranieri?

[QUOTE=Wishful Thinker]ma per stranieri?[/QUOTE]
Why not ?
the point is not the specific kind of mortgage (mutuo) but if the bank accepts to give money to foreign people.
If there's residence there's surely no problem, since I usually draft mutui for all the immigrants buying houses here in Italy.
It might be more difficult if the debtor is residing abroad: but, once again, it doesn't depend from the specific mortgage, but from the fact that the bank could find not enough safeguarded its credit if it had to prosecute its debtor abroad.
It is essentially a matter of negotiation with the bank, but this negotiation is not bound by legal prohibitions, so some banks are more flexible, some less.
Just to give you two examples:
in the next week I'll take care, as notary, of an english lady's purchase of an house here in Porto Recanati with a mortgage: she is not residing in Italy, nor is going to be, but she has obtained a mortgage from "Micos Banca" without problem.
2 weeks ago a german lady, buying an house here end not residing, wasn't able to obtain the mortgage from "Meliorbanca" and the mortgage was granted to her boy-friend only.

I have noticed Barclays advertising in the sunday papers as providers of mortgages for properties abroad. I haven't checked this out yet though.

Barclays provide mortgages in Italy via their mortgage arm 'the Woolwich'.
The problem we have found with that is that we want to borrow just a very small amount and the Woolwich have a minimum lend of 50k euros.
The Barclays website has some very helpful info re their policies for lending in Italy (you need to have found a particular property before they will give you a decision though so you can't ask for a 'decision in principle').
Hope this helps
Lesley

I've been working with Unicredit Bank (formerly Abbey National) and they've been terrific. Fees are very reasonable, the process is straight forward and yes, they do offer purchase + renovation mortgages. In fact, they offer literally a dozen different types of mortgage packages. Don't have their web address handy but you can google for it.

We have just been through the process of arranging an Italian mortgage, and contacted several lenders. Both Barclays (trading as "Banca Woolwich") and Halifax ("Unicredit Banca per la Casa") will give you a non-binding indication (a "pre-approval") of how much they will lend as a proportion of your income and of the purchase price.

Unicredit will lend on uninhabitable property, although the percentage is (understandably) lower.

It is true that the market in Italy is a bit less flexible than in the UK, and there are fairly hefty costs (from the government rather than the lenders). On the other hand Euro mortgage rates are very low, even compared with the UK's rates. 3.5% seems about typical for a floating rate mortgage; about 4.5% if you want a fixed rate for 5 years.

Sorry, Marke is quite right, Unicredit is Abbey National, not Halifax.

Their website is [url]www.unicreditcasa.it[/url]

We bought a house outright then applied for a mortgage with our local bank (Credem)to renovate and build an extention. (we live in Italy)
5 months on and the mortgage has been approved but no money in our account as yet,why? nobody knows!! so if you can borrow in UK its probably best.

what say the Credem officer ?

Ugo
[url]http://www.lifeinitaly.it[/url]

Hi - we bought a house in Umbria a month ago and financed it through Banca Woolwich, who were excellent. I've heard a lot of advice from people saying one should finance from the UK but our UK mortgage company would not lend us enough (and were quite unwilling to entertain the idea). Banca Woolwich provided us with the funds we needed and we were able to get a fixed rate for the lifetime of the mortgage. And their representatives speak excellent English, so they are very easy to deal with. I don't think they deal with uninhabitable property though, and this seemed to be a common theme when we were looking for Italian property. Don't take the estate agent's word for it - I've heard a lot of flannel from estate agents when looking for property in Italy which turned out to be complete rubbish. Don't sign anything until you at least have a fairly good idea of where your finance is going to come from (although this can be difficult, as Italian lenders won't let you apply for a mortgage until after you have signed the proposta and paid over a small deposit to the estate agent). Talk to the lender until you are reasonably satisfied they will lend you the money. Hope this has helped.

Dear umbriabuyer ,

you wrote " as Italian lenders won't let you apply for a mortgage until after you have signed the proposta a.."

maybe you don't know the existance of UIC and italian 's financial laws...

maybe if you , before go to
[url]http://www.uic.it/UICFEWebroot/indexHP.jsp?lang=en[/url]

and read ,

discover that an italian leder do not can work on future borrowers data
witouth proposta signature .....

mediate , gente , meditate ....