Buying a house is the dream of many Italian families. But to make it happen you need a lot of money, which not everyone has at their disposal. For those who do not have liquidity it therefore becomes necessary to take out a mortgage. The coverage of the loan, however, according to the Consolidated Law on Banking and Credit Laws (Legislative Decree 385/93) can reach up to 80% of the value of the property. Assuming a house worth 150 thousand, you will therefore need to have at least 30 thousand to advance, because the bank finances a maximum of 120 thousand. Not to mention the expenses for the notarial deed and all the additional costs of the mortgage.
There is actually a way out: it is 100% financing, which covers the entire value of the property. A provision from the Bank of Italy allows you to derogate from the limit imposed by the banking law and achieve total coverage if additional guarantees are provided in addition to the mortgage, such as a bank guarantee or a pledge on government bonds. Adiconsum proposed that the State take on the surety guarantee, following the example of the policy followed by Friuli-Venezia Giulia, which passed a law according to which the Region offers credit institutions additional guarantees for the disbursement of 100 percent mortgages.
The specialized banks Woolwich and Abbey National offer full coverage mortgages. The first launched three 100% loans in 2001: two indexed and one fixed rate. For all three loans, coverage of the appraised value of the property is ensured, but up to a maximum of 125 thousand. As an additional guarantee, a surety policy is required, which, for one of the variable rate mortgages, is equal to 1.35% of the amount disbursed. Abbey National has been offering 100% home loans for nine months: to date, 2 thousand families have obtained full coverage, for an average amount of 110 thousand euros. 'A loan that covers the entire cost of a house and the extension of the duration to 30 years - explains Maurizio Visconti, sales director of Abbey - allows you to replace the rent with a real estate investment'.
Banca Toscana is the only non-specialist among those involved in the survey to report 100% coverage for the purchase of a first home. It sets a maximum financing limit (258,288) and grants an average of 100 fully covered mortgages a year, behind specific guarantees. 'And to safely cover a mortgage - they explain to Banca Toscana - the installment must not exceed a third of the family income'.
source: Il Sole 24 Ore
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