Mortgages as foreigners

Normally a 10% deposit, non refundable if you have signed the ''promise to buy'' compramesso and then change your mind before completing the sale. Some agents also want their commission plus vat at the same time not waiting for the deal to be completed.

Also factor in the cost of the notary, approx 1% plus vat (22%) of the sale price and the land registry paid this differs for each region so ask.

A good agent will be able to help set up a bank account and some also do the renting on your behalf organising gardeners, cleaners etc, there is a charge for this again ask what % of the rental they want in order to calculate returns towards the mortgage.

Mortgages are not easy to get in Italy and you'll need bank references from your existing bank, even those Italians who have a long banking history here can only get a small amount over a 10 year term, but it it depends on the bank.

It is very difficult to get a mortgage as a non resident with no complete work history.  You will have to provide your last 10 years pay slips, all translated into Italian as well as lots of other documents - It is much easier extending your mortgage in your home country and then buying with that sum. 

At compromesso the deposit is paid, and in many cases the agent - they have a legal right to their money at the thtat point.

The notaio does not work on a percentage basis for his fee.  The land registry is national so the fees are across the board - and your taxes change according to what you are buying. 

You will need a property manager - and have to have your house completely legal and ready to let - so registered with the police, the comune and the tax office, as well as having a natioanl identity number which must be displayed on the front of the house.  All of this is the owners problem, if your management doesnt do it, it's still the owners fault.   If you pocket 50% of your rent, after all costs you will be doing well. 

According to my research, a few years ago, when I talked to the Banks, they will require a minimum 50% deposit and evidence of at least 1 year recent income. The 10% deposit option is not normally offered to non-residents and, in fact, even for Residents it is rare. We are Residents and the best we could do was a 20% deposit.