Mortgages in Calabria

Mortgages in Calabria (Italy) are secured against property and are full status just as in any other region in Italy.  Approximately 80% of the purchase price is the maximum available mortgage rate.  Lenders in Italy usually take into consideration the ability of buyers to pay monthly as well as their repayments on new mortgages, which should not go beyond 35% of a buyer’s gross monthly income.

Mortgages are available for new and old properties as long as a property is registered at the land registry and deemed habitable.  Local authorities set the criteria of a property being habitable.  As such, without the certification of the authorities, approval of mortgages is refused.  Mortgages are available in several types.  These include interest-only and repayment mortgages, which are either on a fixed rate or variable basis or a combination of both.  Terms for mortgages can be from 5 to 40 years and must be repaid upon reaching the age of 85.

After the initial process, the length of the mortgage process usually takes five working days giving an agreement in principle.  However it may take a longer period to process mortgages amounting to over €750,000.

Although life assurance is not compulsory, the lender will definitely insist that the buyer have insurance with their recommended provider.  This is because it usually covers the lender should anything happen; thus, a buyer should look into the specifics of the coverage of the insurance.

In addition, a buyer should have open an Italian bank account where the mortgage repayments are debited.

For futher details on mortgages in calabria please go to Calabrian Property