My family and I have recently been very lucky to inherit a property in Italy (Comelico Superiore, Belluno). We have already gone through the process of paying the taxes and signing at the notary, so the house is now officially ours.
The problem we have is that the house is in a poor condition, with extensive renovation required throughout. We have been advised that the house is un-mortgageable - something to do with the deeds, as the house was in our family for so long (built in 1901 by our great great grandfather), deeds were not drawn up until 2006 when our auntie passed away.
We are now seeking finance to restore the property, which will then be used as a holiday home, and also to generate an income through holiday rentals throughout the year.
Please could anybody offer any advice as to financing this, whether it be a mortgage, business loan, or personal loan. We would prefer to borrow in Italy, however, would also look at UK banks as this may be an easier option. We are looking to borrow around £50k which will be around 35% loan to value with the property's current condition.
Any advice would be greatly appreciated.
Grazie Mille! :-)
Read more: Finance / Mortgage for Italian Property?
