Mortgages in France - French Property as Security

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French property as security

If you require finance to purchase a property in France, then mortgages.co.uk can help, we are giving you the opportunity to take expert advice from a team of licensed credit brokers, who have over 20 years experience. By using the French property as security a repayment mortgage could be raised depending on your circumstances.

Based upon the valuation or purchase price of your property (whichever is lower) you could borrow up to; 85% of the properties value (in Euros only) for a repayment mortgage, 80% (in Euros only) for an interest only mortgage or 70% in any other major currency.

The minimum loan amount (for transactions using Euros) is €75,000, in all other currencies it is €230,000. The term of the loan is from 7 to 25 years, this can be available for individuals up to the age of 80. Current interest rates as at 5 th July 2003 are from 2.75% Variable for Euro loans and 2% above LIBOR for all other currencies . Fixed rate loans are also available.

The following is an example of a repayment mortgage in Euros; to this you must add the cost of a mortgage protection plan.

Repayment mortgage of approx € 72,500 over a period of 20 years at a initial discounted interest rate of 2.75% variable for the first year and then 1.70% above EURIBOR thereafter = approx € 397.30 capital & interest per month for the first year and then approx € 433.55 thereafter = a total approximate amount payable over the term of € 106,517.00 including capital, interest, arrangement and survey fees.

The income criteria is variable

Bank Reference and Employers or Accountants reference if self-employed

Existing borrowing in the UK and Overseas will be taken into account

ALL ENQUIRIES WILL BE DEALT WITH ON A CASE BY CASE BASIS & ARE SUBJECT TO SATISFACTORY CREDIT STATUS & VALUATION

Please note, that as the loan is secured on the overseas property, it is not covered by the UK Consumer Credit Act or the UK Mortgage Code.

Written quotations are available on request.

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