Should you need finance . . .
We strongly suggest that you arrange
your finance in Austria. We can introduce you to suitable friendly
banks
who normally arrange things very quickly.
Rates are cheaper, and sending surveyors out from England and then taking
mortgages on foreign property is a rather expensive and messy business. Clients
who have tried to finance their purchase from the UK have usually encountered
difficulties. Our agents can usually fix up a mortgage on a holiday property in 48
hours.
If you are buying a business, then you will
need to prepare a proper business plan and cash-flow. Banks in Austria are
generally supportive of business purchases provided you have done your homework
correctly.
They don't like high levels of borrowing as a percentage. 40% deposit
minimum over 10 or 15 years is typical. The current rate in Winter 2007 is about
5.25%p.a.
Banks usually charge 2% of the sum borrowed
for arranging the loan and a few months later the land registry issues a bill
for your mortgage entry into the Austrian land registry. This is also about 2%.
