Remortgage on your
home property
A mortgage broker
Obtaining a mortgage in a Foreign Country can often
be a daunting task however it is generally not
difficult to obtain a mortgage to purchase your
property in France.
Max French Properties
are
here to give you advice and make the whole process
seamless. Our
ONE-STOP PROPERTY SHOP (TM)
offers
a list of reputable
UK
and
IRISH
Banks and finance companies who will assist you in
the best way forward for financing your property in
France. Below are some of the main points…
Firstly,
when you sign the reservation contract at the sales
office, you must have already decided whether or not
you are going to take a mortgage out because you
will be asked by the sales person to write out a
sentence on the contract in French, and sign to say
if you are not having one.
At this stage you do not have to have agreed on it,
just have decided yourself whether you are going to
take one out. The reason for this is that once you
have entered into a French property contract, which
is legally binding, the only way you can get out of
it is if you have your mortgage turned down, so if
you have signed to say you are not having one, it is
extremely difficult to cancel it.
Secondly
you must have your mortgage arranged and agreed on
before you sign your
"acte
de vente"
at the
notaire's,
usually 1 to 3 months after you have signed your
reservation contract, if you taking one out.
There are various options as to where to obtain your
mortgage or funding from to finance your new
purchase. See our
ONE-STOP PROPERTY SHOP (TM).
Remortgage on your home property
Due to the increase in property values over the last
10 years, a lot of people are living in houses with
a great deal of under utilized equity. You may wish
to consider an equity release which tends to be more
flexible and is ideal, especially for the
self-employed. Security would be against your home
property with the repayments being in your home
currency.
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A mortgage broker
- see our
ONE-STOP
PROPERTY SHOP (TM)
for our selected mortgage brokers.
To take a lot of the hard work out of hunting around
for their funds, a lot of our clients obtain a
mortgage through a broker, who will sift the market
place for the best deal, one which suits your
circumstances best. Should you wish for help,
Max French Properties
has good working relationships with these types of
brokers specializing in the French market.
The legal costs of buying in France are generally 5%
for a new property and 10% for an older one, but
again you will be advised of the costs when signing
your reservation contract and while you do not
always need to consult a lawyer who charges 1% (but
we recommend it), you always have to meet the
notaries
whose costs are generally 3%.
It is also worth remembering that when you are
buying a property in France with a mortgage, once
you have been to the notaries' office, the remaining
stage payments, up to completion, are made by the
bank and carry the bank guarantee. During this
period you only have to make interest payments,
which currently on a mortgage of €190,000 amounts to
as little as €450 per month, or
€15
a day!
Then when your property is complete, you start
making your full mortgage repayment as you enjoy the
benefits of owning a property in the South of France
or of course you can sell and take your profit.
The actual process of applying for mortgages in
France, again is not difficult, and usually takes at
most 2 to 3 weeks but can usually be done even
quicker. If you are going the French bank route,
most of the application can be done by phone, but
you do have to visit the bank in France at least
once in person, before you go to the notaries. The
actual application form, wherever you apply, is very
similar, asking questions like date of birth,
current address, income, expenditure, current
mortgage, employment etc. and again your
Max French Representative
can offer help and guidance to make the application
quick and painless.
So in summary, obtaining a mortgage for a French
property is generally
not difficult, especially with our help,
and will not stand in the way of you obtaining the
dream apartment or villa you have always wanted, on
the Cote D'Azur.
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