New and remodeling Italy

New and remodeling

Mortgage & Abroad can currently serve you with a mortgage for new construction only when the home is already completely finished. Thus, a mortgage where funds are released incrementally as the works progress is not currently offered through our mediation. It is possible through our mediation, however, to apply for a mortgage for renovations/conversions to your Italian home.

The maximum financing rate for new construction is applied to the sum of the land purchase and total construction cost.
For renovations, the maximum financing rate is applied to the sum of all renovations for which quotes are available from official Italian contractors.

The process of getting financing for new construction done requires intensive guidance and is time-consuming. Hypotheek & Buitenland also accompanies these routes, but at a higher rate for the service compared to financing existing construction.

To apply for a mortgage for renovations when working with a Dutch contractor, “a guy” or self-build, Italian banks do not finance. Only when working with official Italian contractors can renovations be financed with a mortgage.

Release of mortgage funds in a remodeling mortgage are made from construction deposits at the client’s call as work progresses and invoices flow in. Often, an interim appraisal then also takes place, checking whether the works have actually been carried out. The condition for release of the mortgage funds is that a mortgage security has been placed on the house by mortgage deed.