The second home gets a new look...

Even the second home, sooner or later, needs major interventions: deep repairs for damage caused by bad weather over the years; extensions and adaptations to meet the space needs of a growing family, restoration and renovation of residential portions for which old architectural or urban planning constraints have fallen.
The mortgages that can be obtained from banks to finance restoration or improvement works are particular products, often different from those used to support the purchase of a property. They can grant sums related to the value of the original property or the value of the renovated one (50%-80% of the original value or at the end of the works); require more or less long times to obtain disbursement. According to some institutes, we proceed 'on paper', i.e. upon presentation of the project and all the necessary authorisations; according to others, it is possible to proceed with 'work progress': the money is not available before the start of the works but at 60-75% of completion. And it is also possible to increase the loan granted in relation to the final value of the construction (however, more appraisals are paid). In all cases, you will have to carefully monitor compliance with the estimates by the company and the craftsmen to whom you rely, so as not to find yourself exceeding what was agreed. Some banks also include a clause in the contract that should not be underestimated, regarding the 'suitability' of the financed works. It is a good idea to check with the institute what would not be recognised.
The offer of renovation loans is also very rich on the web: therefore it is worth requesting quotes and putting the bank closest to your residence or second home to be modernized in competition with the issuers available on the web, reserving the right to choose the most advantageous interlocutor overall. You can browse the 230 banking sites or visit those of independent 'wholesalers', as in the case of MutuiOnline, which obtains excellent conditions from a series of institutions (among others SanPaoloImi, Mps, Banca 121, Credito Emiliano, Deutsche Bank, Banco di Brescia, Banca Toscana) adds its own commission, but despite this the rates are very attractive for the end consumer. Everything happens via the web or via call center and in a relatively short time.
Telemutuo, which offers offers from Credito Italiano and Banca Intesa, requires an average commission of 77 euros and offers reduced preliminary investigation costs (207 euros) and no installment collection costs. Interested users will find general information on the site and via the call centre. For details they are invited to go to a selected group of branches throughout the country, authorized to offer the particular rates visible on the site, which are on average 0.6% lower than the average practiced by the Italian banking system. Finally there are banks specializing in home products such as Woolwich and Abbey National, which can be reached both at their own web address and through that of many sites dedicated to the home world, the problems of purchasing, condominiums and property (for example, www. ordinicasa.org or www.ilmattoneonline.it).
To best relate to all types of interlocutors, it is a good idea to evaluate, in addition to the proposed interest rates, also the expenses that accompany the mortgage. All contracts provide for the payment of registration, mortgage, land registry and stamp duties or the substitute tax; the notary requires a variable sum for his fee and mortgage registration depending on the value of the contract; banks have monthly collection costs for the mortgage installment varying from 0 to 9 euros. EYE!
Banks require the stipulation of policies that cover both themselves and the user in the event of forced interruption of payments. The following are mandatory: fire, explosion and atmospheric event guarantees in favor of the institute; temporary in the event of death, accidents, permanent disability, with the institution as the beneficiary. The following are optional: guarantee against the risk of temporary loss of employment or civil liability.

source: Il Sole 24 Ore