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A Pre-Approval Certificate for your French Property Mortgage To Re-Mortgage a French Property To Reduce your Monthly Mortgage Payments To Release Equity from your French Property A Pre-Approval Certificate for your French Mortgage Once they decide to buy a property in France the first question that most people ask themselves is "Does the house come before the mortgage or does the mortgage come before the house"? Should they first find their dream home then try and arrange a mortgage and risk being disappointed or should they try and arrange an "in principle" mortgage on a property they haven't yet found then search for a property, mortgage in hand? In practice neither approach is very satisfactory. Finding the house first makes it very much easier to fill in the mortgage forms but if you then can't find a mortgage the disappointment would be considerable. Finding the mortgage first is often not possible because most mortgage providers have difficulty in offering a mortgage on something that can't be described to them because it hasn't yet been found. What should you do? The BestFrenchMortgage answer is simple and typical of French pragmatism: the Mortgage Pre-Approval Certificate. What we ask you to do is to complete a mortgage application form describing the type of property you will be looking for. For example if you are looking for an old farmhouse to renovate say just that, stating how much you think the property and the renovations might cost. We at BestFrenchMortgage will then process your application as if it was a full mortgage application and we will tell you if we would "in principle" be able to help you arrange a mortgage and on what terms. We will also tell you the maximum mortgage a lender would be able to advance to you on the type of property you describe. Better still, we will arrange for the lender to issue a pre-approval certificate. This will enable you to be confident that when you find your dream home, provided it is broadly as described in your application, you will be able to take the mortgage you need. You will be clear as to exactly how much you can afford to pay for your French property and what the loan monthly repayments will be. The best news is that it will enable your estate agent to be sure that he is dealing with a serious buyer who has already arranged the funds to make the purchase and not a "time waster" with a dream but no serious intention to buy. That way you will get much more enthusiastic help from the agent, get to see the best properties and get the keenest price as you are in the same position as a cash buyer having already pre-arranged your mortgage. With the mortgage pre-approval certificate in your back pocket you can be sure that you will have the best available mortgage terms, will get the maximum help from your estate agent and will be able to sign the compromis de vente (the equivalent of an exchange of contract to purchase) as soon as you find your dream home. No risk of losing the property to someone else while you go off to arrange your mortgage. In France, mortgages are similar to those you might be used to back home but they do have some important differences. Firstly, you can opt for a fixed or variable rate for the whole of the mortgage's term. Certainly the variable rate may be a fraction lower but as we all know interest rates go up and down over time and a 25 year mortgage with a higher rate may well be a better investment than a mortgage with a lower current variable rate but which might rise appreciably over the next 25 years. Secondly, a French mortgage can be granted on the security of your income. This makes it much easier for you to borrow for DIY restoration projects because in these circumstances the lender will be more interested in your ability to repay the loan from your income. It also makes it much easier to finance restoration projects, property extensions, property conversions and swimming pools to name just a few of the projects we have arranged finance for. Thirdly, because a mortgage can be granted on the basis of your home country income there need be no restrictions on how you use the property so if you plan on offering your French home for holiday rental or even on a "buy to let" basis you should encounter no difficulties. Finally, it is a French legal requirement that all mortgages are protected by a mortgage protection policy and we will help you arrange the best policy for your individual circumstances. Our dedicated team specialise in mortgages for home and second home purchase, purchase for investment and for the purchase and leaseback of property. We at BestFrenchMortgage are specialists in the mortgage market so we will almost certainly be able to find the best mortgage for you. To Re-Mortgage a French Property You have an existing French mortgage and you feel that the mortgage you have no longer suits your needs. Perhaps you need to increase the mortgage to fund a renovation, extension or addition such as a pool. Perhaps you are on a variable rate mortgage and would like to fix your mortgage rate at today's interest rate level. Perhaps you have a fixed rate mortgage and would like to re-mortgage to take advantage of lower current rates. Whatever your reason for wanting to re-mortgage, BestFrenchMortgage is your ideal partner. BestFrenchMortgage are able to find today's best mortgage offer: A mortgage offer that exactly matches your needs. Moreover, BestFrenchMortgage's broker partners will take care of everything, including the termination of your old mortgage and the transfer to your new mortgage and if necessary help with insurance and the opening of a bank account. What could be simpler or easier? Why not put BestFrenchMortgage to the test? Fill in the online application form and see if BestFrenchMortgage can improve the terms of your mortgage - We probably can! To Reduce your Monthly Mortgage Payments Would you like to reduce your monthly payments? In France the mortgage market has changed dramatically over the last few years and there are many new and very competitive mortgage products on the market. Whilst in the past many mortgages were only granted on short and restricted terms, sometimes as short as 15 years, in today's market much longer mortgages are possible. With today's attractive interest rates for mortgages you may well be able to re-finance your mortgage with a much lower monthly payment. What's more, if you rent your French home as a Gîte or holiday flat, BestFrenchMortgage's broker partners may be able to arrange for a monthly repayment level to match your rental income making your French home "cashflow neutral", so your French home pays for itself. If you would like to pay less per month just complete the BestFrenchMortgage online mortgage application form specifying the amount you would like to pay each month and BestFrenchMortgage will do the rest. To Release Equity from your French Property French property prices have risen dramatically in recent years, in some places faster than the price rises seen in the UK, USA, Ireland and Australia. Because of the French inheritance laws, many people worry that the value locked up in their French house is "quarantined". Value that can never be realised in their lifetime. Today nothing is further from the truth! With a BestFrenchMortgage mortgage, it is possible to unlock much of the increased value of the property. What's more, if you let the property for some or all of the year, the mortgage used to release the capital can be "self-financing". To find out more, complete the BestFrenchMortgage online application form and let our broker partners do the rest. We have helped hundreds of clients find Buy and Leaseback mortgages. Buy and leaseback is not the same as Buy to Let. Leaseback properties are often to be found in popular tourist locations in a “Résidence de Tourisme”: on the coast, in the mountains or in cities such as Paris. Equally they may be found in big cities as University student lodgings. A leaseback property may be a townhouse, an apartment or a chalet, depending on location. Your leaseback property is a freehold property which you own outright and lease back to a management company, in return for a guaranteed index-linked income during the leaseback period, which is usually 9 years. Depending on the individual scheme you may be able to reserve some free weeks in your own property, or benefit from discounted rental. The management company takes care of finding rentals, looking after your property and the shared facilities (such as a swimming pool). New leaseback properties are usually sold “VEFA” or off-plan. Furniture, together with kitchen and bathroom equipment, is often included in the price. For qualifying developments, you are entitled to reclaim the VAT charged on the purchase (currently 19.6% for new-build) and we can arrange mortgages with bridging loans to cover the time you are waiting for the VAT rebate. Interest on your leaseback mortgage will only be charged on the amount drawn down, which depends on the completion stage of the building works. To find out more, complete the BestFrenchMortgage online application form and let us, the specialists, do the rest. A Euro Switch Mortgage to Reduce Your Mortgage Interest Charges With UK mortgage rates set to remain higher than Euro mortgage rates for the foreseeable future, owners of French properties can switch their mortgage from a high cost £ (Sterling) UK mortgage to a lower cost € (Euro) French mortgage. By taking a low cost French mortgage on your French property you can use the funds liberated to pay off your higher cost UK mortgage. Simple and very cost effective! Over the years many people have had difficulty in obtaining a mortgage on a property in poor or even derelict condition when most of the mortgage sum was destined to be used for subsequent renovation works. Particularly frustrating have been projects involving the purchase of a rundown farmhouse with a range of outbuildings where the intention was to restore the main house as a home and the outbuildings as Gîtes to provide long term income for the owners. Perhaps you know of someone whose dream was just such a project but which, because it was "unfundable", never got off the ground? With BestFrenchMortgage these projects are simple provide you can prove you have separate income from which you can repay the mortgage. We can normally help you finance your project quickly and easily. Complete the online BestFrenchMortgage application form giving details of your project and we'll do the rest. Click here to go to the online application form > One of the beauties of a French house is that there is often enormous scope to improve the property. Loft conversion to make extra rooms, outbuildings to bring back into use, space to build, etc. The list of opportunities is almost endless. If you have some such project in mind and would like to know if you can obtain a mortgage to pay for the work just complete the BestFrenchMortgage online application form giving details of the project. We might even be able to refinance your existing mortgage on better terms or help you release equity from your property at the same time. To BestFrenchMortgage funding a swimming pool is really no different to funding an extension project and we are highly likely to be able to fund your pool project far more affordably than if you were to take out a personal loan provided that the project is sufficiently large. If your French property would benefit from a swimming pool, and you would like to know if you can obtain a mortgage to pay for the work, just complete the BestFrenchMortgage online application form giving details of the project. We might even be able to refinance your existing mortgage on better terms or help you release equity from your property at the same time. Whatever the mortgage question, the answer is BestFrenchMortgage |
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