Are Barclays Italia still doing mortgages for UK residents on Italian property projects?

brancusi Image
10/11/2012 - 14:07

Last year we were in touch with Barclays Italia regarding a mortgage for our reconstruction project. Now we have finally received planning permission (that they needed to start the application process), it seems that all our contacts there have either moved on or aren't responding to any queries! I know they've been a bit busy with buying ING, but does anyone here know if they are still up and running in providing mortgages to UK residents for Italian properties? It's especially frustrating as we now have enough cash to fund to Al Grezzo and are keen to try to arrange some finance so we can get the project started and finished!TIARoger



Barclays has been retrenching in Italy as teir performance has been pretty cr(P.  Branches clsoing etc.   And deservedly so - they will cherry pick what they want to lend on - so nothing in the country, nothing in stone, etc - if you have an office in Milan you may get lucky.   They tell you this after you have spent 6 months waiting for them to come back to you and also spent for the survey etc - (not that Im bitter? - same goes for BNP)   As with everywhere else, mortgages are now very difficult to come by and the qualifiers change with the wind.   Unless you have huge equity in the UK and fabulous incomes, I think getting anyone to lend at the moment will not be easy.   Good luck. 

We tried for several months to get a mortgage here in Italy and it was impossible. In my experience the banks are only lending to pensioners or those with an indeterminate full-time contract or public sector employees. I'm self-employed so no chance. I also rang some UK lenders who said they knew no UK lenders who were lending against Italian property. This was about 8-12 months ago. I can't imagine it's improved..... If you can, raise the money against your UK house.