this is a very interesting case!
Some clients come to me asking if it is possible to create a bridge between their actual ownership and the Changement they want, meaning buying a new house in Italy.
This is possible!
Additionally, I could say that you could even get more.
We already said that usually, you can get a max of 60% as LTV on your buying operation.
BUT let’s consider the case that the client has a house (bought without a mortgage) and he wants to sell it and buys a new one. He found a perfect new house (that he does not want to lose) but still sold the one he owns.
No problem, we can use the method of DOPPIA IPOTECA getting a mortgage to buy the new house and getting even 100% of the purchase price using both the properties (the owned one and the one to buy) to give enough guaranty to the bank.
Let’s make an example.
Owned house has a value of euro 200.000,00 and the new house to buy is euro 300.000,00
Total value for both the properties of euro 500.000,00
We can apply for a mortgage to buy for the entire euro 300.000,00 (because the mortgage amount will be within 60% LTV of total values); when the client will sell his property, with calm and at the right price, he will close partially the mortgage of euro 300.000,00 (no fees for early redemption!!!) downsizing it til the required proportion of 60% of euro 300.000,00 (= euro 180.000,00).
Of course, we have to evaluate always the profile of the client because not all the banks make this kind of operation and so the client must be acceptable for the right banking channel operating on these special cases.
Very interesting way to make a deal!
NEXT TIME WE WILL WRITE ON WHICH KIND OF PROPERTIES ARE ACCEPTABLE AND FINANCEABLE.
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