Can I use a mortgage to purchase a ski property in Austria?
It is possible to finance your Austrian property via a mortgage. Banks in your home country may or may not be able to provide a mortgage against a property located in Austria. Alternatively, you can take a mortgage from an Austrian bank against your new Austrian property. Sometimes, developers have a financing partner to assist buyers - this is usually a local bank that is familiar with the project and can offer attractive terms and speed of process.
Mortgage terms are typically up to 60% of gross property price (excluding ancillary purchase costs and fees) and up to 20 years principle and interest repayment. The bank will typically charge you a mortgage arranging fee and a property appraisal fee. You will also have to pay a fee of c. 1.2% for the registration of the mortgage in the Land Registry. As interest rates continue to be very low compared to historical standards, interest rates tend to be around 2-3% per annum.
Ideally, you should consult your bank about the mortgage prior to signing the Offer to Purchase, so that in case your mortgage offer falls through, you are not liable for notary's fees.
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