Distribution of residential mortgages requests in Italy Q3 2019, by purpose

In the third quarter of 2019, the majority of residential mortgage requests (54 percent) in Italy aimed at transfers requests. The transfer of mortgage is a transaction where an existing mortgage (usually a loan to purchase a residential property, using said property as a collateral) from the current holder to another person or entity. This measure is usually undertaken by homeowners who are unable to keep up with their mortgage payments. The second reason for requesting a mortgage in Italy was buying a first house, which was the purpose of 39 percent of mortgage applications in the third quarter of 2019.