Finding a mortgage broker in Italy

Navigating the mortgage market in Italy can be complex, especially for non-resident buyers.

A mortgage broker can simplify this process by offering expert advice, finding the best deals from lenders you might not have access to as an individual, and guiding you through the application process.

Working with a specialist in international mortgages will enable you to understand the various mortgage products available, make an informed decision and get the best possible rate.

The role of a mortgage broker

A mortgage broker acts as an intermediary between you and potential lenders. Their primary role is to:

• Assess your financial situation: They evaluate your financial status to determine the best mortgage options for you.
• Find suitable mortgage products: Brokers have access to a wide range of mortgage products and can find the most suitable ones based on your needs.
• Assist with documentation: They help you gather and prepare all necessary documents, ensuring they meet Italian legal requirements.
• Negotiate terms: Brokers can negotiate better terms and interest rates on your behalf.
• Provide ongoing support: They offer continuous support throughout the mortgage process, from application to approval and beyond.

When to contact a mortgage broker

It’s advisable to contact a mortgage broker as early as possible in your property search. Early engagement allows the broker to pre-qualify you and help you understand your budget, identify any potential issues and provide market insights.

By speaking to a mortgage broker early on, you’ll have a better idea of the maximum loan you’d be able to get in Italy and have an estimated budget to work with.

Please note: In Italy, property buyers should budget an extra 10-15% on top of the purchase price for additional fees, such as legal fees, surveys, stamp duty, taxes etc.

Fees associated with hiring a mortgage broker

Mortgage brokers in Italy typically charge a fee for their services. This fee can vary based on the complexity of your mortgage needs and the broker’s experience. Common fees include:

1. Brokerage Fee: A percentage of the loan amount, usually ranging from 1% to 2%.
2. Consultation fee: A flat fee for initial consultations and financial assessments.
3. Processing fee: Charges for handling and processing your mortgage application.

It’s important to discuss and agree on all fees upfront to avoid any surprises later on.

Key considerations for foreign buyers

When buying property in Italy, there are a few things that foreign buyers should consider:

• Eligibility: This varies for each mortgage and lender. It usually includes having a stable income, a good credit history and the ability to provide necessary documentation.
• Currency exchange: Be aware of the implications of currency exchange rates if your income is not in euros.
• Legal requirements: Familiarise yourself with Italian property laws and regulations. It’s advisable to hire a local lawyer to assist with legal matters.
• Property valuation: You may wish to obtain an independent property valuation to ensure you are paying a fair price. Your lender will usually arrange a valuation for their own records.