Raising finance can be the first, crucial step to realising your dream of owning an apartment or chalet in an Italian 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 Alpine ski property purchase.
All Italian mortgages are in Euros and will be secured against Italian residential property. Italian mortgages are full status and therefore proof of income and outgoings is required for an application. Italian lenders assess eligibility on the applicant’s capacity to repay the Italian mortgage. As a guideline, your existing monthly outgoings as well as the monthly repayment on your new Italian mortgage should not exceed 35% of your gross monthly income. A percentage of any rental and investment income you receive can also be considered. Mortgage, rent, personal loans and maintenance commitments are all considered as outgoings.
The maximum loan to value available is 80% of the purchase price, though 60% is preferable.
Both interest-only and repayment mortgages can be arranged, on a variable or fixed-rate basis, or a combination of both. Terms can be from 5 to 40 years, however loans must be repaid by the age of 85. Many loans do not have any early redemption penalties.
The minimum loan size on an Italian mortgage is normally €250,000.
Click on the following links for more information on purchasing a ski property in Italy.
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