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PostPosted: November 18th, 2009, 11:55 am 
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Joined: June 4th, 2007, 4:21 pm
Posts: 507
Location: London
Starting from the 01/12/09 we’ll strictly consider mortgage applications for non-resident (in Italy) clients as follows:

- maximum 60% loan total value can be requested as gross mortgage amount

- maximum term 20 years to be applied for

Besides, if applicants are non-resident (in Italy) and are not UK or USA citizens, in addition to the standard docs required we’ll also strictly need the documentation translated by the Embassy and a letter of reference from the Barclays branch where clients must have had an account/relationship for at least 6 months. Otherwise the application cannot be considered/submitted.

If your case has already been submitted and is in progress, it must be completed within the 30/03/09 at the latest (of course please consider the expiring date for each single application: 6 months after it’s submitted).

Please note that this new policy might be applied even earlier.

Silvia Plebani
Online Sales-International Clients
Barclays Bank PLC (GRCB, Italy)
viale Forlanini 23- 20134 Milano


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PostPosted: November 18th, 2009, 12:27 pm 
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Joined: June 4th, 2007, 4:21 pm
Posts: 507
Location: London
I've written back to Silvia to see if I can ascertain the process of getting the documentation translated by the Italian embassy as this obviously will slow the process down for Irish buyers.

Any buyers from outside the UK or USA should consider opening a Barclays account as soon as possible to ensure you have an account for the required 6 month period, even if you are not planning on taking a mortgage, to guard/protect yourself against changing personal circumstances.

Those hoping to complete around March time need to weigh up the situation in respect of their mortgage applications.

On the bright side, and there always is one, its a further check on the documentation which will protect buyers.


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PostPosted: November 18th, 2009, 12:41 pm 
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Joined: February 24th, 2008, 8:53 pm
Posts: 58
Location: Scotland
Re Barclays mortgage - when I applied for a property in the Canaries they considered all the payments on my buy to let mortgages as part of my expenditure but they did not allow me to include the rental payments for the properties as part of my income?

Is anybody on the forum aware that they still do this?

Cheers
Marzi


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PostPosted: November 18th, 2009, 4:41 pm 
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Joined: November 18th, 2009, 4:18 pm
Posts: 1
The new Barclays Policy on lending to non Italian residents seems to imply that:

a) If you're a US or UK resident - you can apply in English but that all other nationalities of applicant must apply in what (Italian or English - or either?) Surely if all my application details and correspondence are already in English - I should be OK?

b) Why do you need to have a Barclays Account for 6 months? Doesn't this mean that they are restriting all lending to Barclays only customers? Is that the case?

c) is the date of 30/03/09 a typo? Should it be 30/03/10?

This new policy has me worried... I don't understand where it's coming from - I know there's a credit crunch on but wouldn't the standard documentation still allow them to make their assessment?

Anyone know if the 01/12/09 start date for this new policy has been brought forward - or maybe put back a little?

LASTLY: Anyone know any other Italian Banks (or foreign Banks in Italy) that are open for lending for purchase of Italian property by non-res UK & Ireland esp.?

Thanks for reading.

budlin75


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PostPosted: November 23rd, 2009, 10:05 am 
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Joined: June 4th, 2007, 4:21 pm
Posts: 507
Location: London
Translation by the Embassy has to be arranged by the buyer.

BARCLAYS DOCUMENT CHECK LIST

Barclays Bank PLC Application Form IN ORIGINAL
Italian Contact details for the property valuation

About the property

Photographs of the property (if available)
Copy of Compromesso/purchase agreement
Copy of Atto di provenienza (last title/sales purchase contract)*
Copy of the house plans Schede Catastali issued by Land Registry Catasto*
Copy of the building permission Permesso a costruire/Concessione edilizia/DIA (for New or self-build and Renovation only) and Grafici allegati al permesso di costruire/official drawings related to the building project
Copy of the works estimate (for Renovation only)

General

1) Copy of your passport(s): page with picture and page with your signature
2) Copy of the Italian Codice Fiscale (released by the Ministero delle Finanze)

About your Income

1) Last 6 months personal bank statements (from your main bank account where your salary/dividend is paid) **
2) Full Credit Report + Credit Rating (fair, good, excellent, etc). Please apply for it on http://www.experian.co.uk or http://www.equifax.com).

If Employed or Employed by a Ltd Co with a shareholding

1) Copy of last 2 P60s (UK Income Tax Return)
2) Copy of last 2 months payslips
3) Letter from Accountant confirming your current salary and dividend payments for employed by a Ltd or owner with a shareholding)
4) Copy of last 2 full UK “Inland Revenue” Tax Return

If Self- Employed

1) Copy of last 2 full UK Inland Revenue Tax Return). Self-assessment tax
calculation only are not enough for the bank.
2) Letter from your Accountant confirming net figures for last 2 years
3) Last 6 months company bank statements

* These documents should be available from the selling agent or lawyer
** Bank statements cannot be printed out on internet (online banking). They must be clear, released on headed paper and should confirm a) full name and current residential address for client/s b) good credit balances.


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PostPosted: November 23rd, 2009, 10:39 am 
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Joined: June 25th, 2008, 6:39 pm
Posts: 1171
Location: Carmarthen, south west Wales / Santa Maria di Ricadi, Capo Vaticano
I arranged my mortgage with Barclays Italia through a one of their Financial advisors based in Palermo. He was recommended by Incalabria and was amazingly patient and very thorough.
The procedure I went through was more or less what has been described above so it is not new as I started my paperwork in July 08 and completed in October 08. There are a lot of hoops to go through and with the minor translation difficulties and understanding exactly what paperwork they needed (particulaly with the Credit rating with Experian) finally made it. He arranged my Barclays Account as the Direct Debits must come from an account monthly, there was no 6 month rule. I did this all via the internet and attachments sent back to and fro. I was told that if you don't have a perfect Credit rating you will be refused a mortgage.
I was purchasing a completed property and was buying which was classed as a resale property so some aspects will be different if buying 'off plan'


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PostPosted: November 24th, 2009, 8:03 pm 
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Joined: January 25th, 2008, 8:35 pm
Posts: 1482
Location: Herefordshire/Badolato
this comes up for me as India rather than Italy, is this happening for anyone else?


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PostPosted: November 24th, 2009, 9:15 pm 
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Joined: August 8th, 2009, 11:38 am
Posts: 81
I arranged my mortgage with Barclays - directly. I didn't use an agent. I followed their instructions accurately and produced a folder with all the required documentation. This was dealt with swiftly and efficiently by Sylvia Plebani in Milan. May seem long winded, but was simple. Just stick withit, and it works. They could not have been more helpful.


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