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Buying out half of Italian property from UK

casaliozzi
casaliozzi Posts: 5 Forumite
in Mortgages & endowments
Need a wee bit of advice regarding a property I part own in Italy.

I need to buy out around 50% of a property in Italy but the other party lives in the UK also. Can i take out a UK mortgage on this property to pay them back in the UK?

I think i can change the title names on the deeds easily enough and as the other party is in the UK, no moneys need change hands via an Italian route.

Does anyone have any recent experience of a UK mortgage on a foreign property? Rates, which banks etc....

There is no mortgage or debt outstanding on this property and is in a refurbished condition.

Regards

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    How much do you need to raise?

    Whereabouts in Italy is it? What kind of property is it?

    Do you have a property in the UK?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • casaliozzi
    casaliozzi Posts: 5 Forumite
    I need to raise around £45K. This however is not half of the value as the property currently stands, but the half of the initial capital input.

    The property is in Le Marche and its is a 4 floor medieval town house within a small walled hill top town.

    I do not own a property in the UK.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    And the property value is?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • casaliozzi
    casaliozzi Posts: 5 Forumite
    The value is around 150k sterling.
  • VIGILANT22
    VIGILANT22 Posts: 2,516 Forumite
    casaliozzi wrote: »
    The value is around 150k sterling.


    http://www.mortgagesoverseas.com/mortgage-italy/italian-property-mortgage.php
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    That would have been one of my options - but their minimum loan is 80k Euros
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • casaliozzi
    casaliozzi Posts: 5 Forumite
    Would it be possible to get a loan/mortgage from a uk bank rather than a foreign bank as the partner in the property is a uk resident, rather than a loan form a foreign bank?
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    I doubt that will be possible.

    The more likely option is to be arranged in the UK lending institution via an Italian bank.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • casaliozzi
    casaliozzi Posts: 5 Forumite
    Thanks a lot for your advice, I will speak to my bank and a few others and see how things lie. There are one or two other options i have for the finance but I was hoping i could do it off my own back initially.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    You could also do via a UK bank that has a presence in Italy.

    But that would technically then be assessed under the lending regulations of over there, as opposed to the UK lending regulations.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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