Mortgages in Italy
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Mortgages in Italy
As Italy is one of the countries including what we call “the first world” mortgages are quite popular, but with some differences. One of these different things is the interest rate. The Base rate for the Eurozone is set around 2%, slightly expensive to Americans currently enjoying base rates of 1.75% but if we compare it to the UK it seems quite cheap, because the base rates there are around 4,75%. We hardly need say that these figures are reviewed on a monthly basis and nothing is guaranteed, but with the Eurozone economies not setting the world on fire at the moment those rates aren’t likely to increase dramatically.
You will find that some others charges and conventions may apply so the base rate can be far from the reality depending on the different structure and history of mortgage lending in Europe (which is different to that of the UK for instance). Italians haven’t traditionally been such enthusiastic buyers and sellers of property as Britons and Americans (and they certainly don’t use their homes as vehicles for investment and speculation in the way the British do). Home ownership is high, around 68% in Italy and the UK, compared to 59% in the US, but when Italians own they tend to stick … and traditionally more homes have been bought for cash rather than financed by mortgages.
No matter the way you do it, but eventually you will find several options to get an Italian mortgage (for this is what you’ll have) the same in principle to the UK or US equivalent. A mortgage is a loan to you, to enable you to buy a house. This is secured against the value of the property you’re buying. Please, note that any default on your payments and the security (your Italian real estate) can be repossessed.
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