Turning your dream of owning property in Sicily into reality is our expertise at Authentic Sicily. Alongside our extensive experience and knowledge of the local real estate market, we stand ready to assist you in accessing credit solutions tailored to your needs.
Navigating the financial landscape can be daunting, especially when purchasing property overseas. With our wealth of experience, we can guide you through various options, ensuring you understand the solutions that best fit your personal and financial circumstances.
We are thrilled to announce our partnership with the top Italian credit brokerage company, specializing in securing mortgages for foreigners investing in Italian properties, as well as serving Italian citizens residing outside of Italy with foreign income. Whether you’re purchasing or renovating a property, we collaborate closely with our clients to find the most suitable mortgage in Italy.
Supported by our multilingual staff, we provide professional assistance to our international clients throughout the mortgage application process, selecting the optimal product available in the Italian mortgage market based on their specific needs.
Who qualifies for an Italian mortgage?
Italian banks differ from those in the UK and many other European countries by not providing interest-only mortgages to buyers, necessitating timely repayment of loans. Mortgages for foreign buyers are solely accessible for residential property purposes, encompassing standard purchases, renovation projects, and new building constructions.
Additionally, applicants must meet the following criteria:
– Be purchasing residential property
– Be employed, self-employed, or retired
– Have income denominated in one of the specified currencies (in addition to the Euro), such as GBP, USD, CAD, AUD, SGD, HKD, DKK, NOK, SEK, CHF, JPY (other currencies may be considered on a case-by-case basis).
– Typically, the applicant is also required to open a bank account with the lending bank.
Below are the general banking criteria:
– Maximum Loan-to-Value (LTV) or Loan-to-Cost (LTC): 60%
– Maximum duration: 25 years
– Maximum debt-to-income ratio: 30-35%
– Maximum age at the end of the mortgage term: 75 years
– Requirement of a favorable credit report