Financing the purchase of property in Calabria

Can a mortgage be obtained in Italy?

Mortgages of up to 80% of the valuation of the property are easily available in Italy with interest rates from 1 to 1.5% above the 3 month Euribor rate.

Working in association with one of Italy's largest mortgage brokers, we can help you select and negotiate the most suitable mortgage for your needs on the best available terms and conditions. Through strong relationships with the best lenders in the Italian market, we can access hundreds of competitive mortgage products often with exclusive discounts or special features.

It is possible to obtain the following types of mortgage:

• Fixed rate
• Adjustable rate (indexed off Euribor)
• Flexible repayment mortgage
• Draw down (stage payment mortgage, available from super structure stage of construction)
• Interest only terms are possible for up to 10 years.

If you think you may need a mortgage, it is sensible to start the process before you go out to Italy to view so that you know where you stand and exactly what you are able to afford. Contact us for more details.

Buying a property in Euros - what about the exchange rate?

We work closely with the largest independent foreign exchange providers to ensure that you are able to secure the best rates of currency exchange, enjoy free transfers and pay no commission. In addition, we are able to ensure that you are charged no receiving fees at many overseas banks.

Your dealer will guide you through the contract options available to you and help you choose which one is right for you according to your circumstances, currency needs and timing:

1. Spot transaction - When you need to transfer money straight away your Foreign exchange provider will give you the best deal available there and then. This is most likely to be used for your first stage payment 4 to 6 weeks after reservation.
2. Forward transaction - This is the buy now, pay later option and allows you to fix a rate for up to two years and protect yourself against any negative movement in the market. To take advantage, you pay a small deposit up front and the rest at the end of the agreed term meaning you can leave your money in a high interest account until you need it. This option is popular with clients wishing to secure a favourable rate of exchange in advance of their final stage payment due on completion of their property.
3. Limit orders -If you've got time to hold out for a really good rate, your foreign exchange provider will transfer your money as soon as the exchange rate reaches the level you want with a 'limit order'.

Once you have completed on the property your foreign exchange provider can offer you a 'regular overseas transfer plan' allowing you to send money overseas to cover property expenses like utilities or overseas mortgage payments. Again you can benefit from fee free transfers and no commission is charged.

Please Note

The above information is provided as a guide only and may be subject to change. You should consult your professional financial advisors for the latest information.