Raising finance can be the first, crucial step to realising your dream of owning an apartment or chalet in an Austrian ski resort. So it's important to get professional advice early on in the buying process. nidski is able to help you find the expert for your ski property purchase.
Eligibility and Criteria:
Applying for a mortgage in Austria is relatively straightforward and often finance can be approved within a few days. There are no fixed criteria but banks will look at all aspects of an applicant’s earnings as well as the potential income from the property. Existing monthly outgoings as well as the monthly repayment on your Austrian mortgage should not exceed 40% of your gross monthly income. A percentage of any rental and investment income you receive can also be considered.
Banking is done on a much more local level than it is in the UK and you will find that banks near the property you are purchasing are the best port of call.
Loan to Value Ratio:
Mortgage finance is readily available in Austria with the banks typically lending between 60 and 70% of a property’s value.
Types of Rates and Terms:
Fixed interest rates lasting more than 1-2 years are uncommon in Austria as variable rates dominate. Variable interest rates are set by the bank and tend to but do not have to follow the base rate. This means that in the same base rate shift, a variable rate might drop more or less than a floating rate, or, commonly, might not drop at all. Both capital and interest rate repayment methods are available.
Minimum Loan Available:
Many lenders are unwilling to lend less than €50 000.
Click on the following links for further information on purchasing a ski property in Austria.
Fill in our form below for more information from lenders and brokers offering mortgages for property purchase in the Austrian Alps.