Mortgages for buying a property in France
If you are considering using a Mortgage to finance the purchase of an apartment, town house or Villa in France, French Mortgages are available for buying a property in France (incl Corsica), with interest rates from approx 3.95% in Euros. Mortgages can be obtained for up to 90% of the puchase price which are considered on an individual case by case basis.
Mortgages for buying residential properties in France(including Corsica).
If you are considering purchasing an apartment, town house or Villa in France (including Corsica), French Mortgages are available for the majority of Nationalities for either House Purchase or re-financing for other purposes including Home Improvements.
Several types of French Mortgages are available, these include Euro loans on a Repayment basis up to 90% or Interest only up to 80%. Loans in other major currencies are available up to a maximum of 70%. Loans for Leaseback type properties are available up to 100% of the NET Purchase Price (ie: less French VAT).
Interest only loans up to 80% - minimum € 100,000 - are also available if you are purchasing in the name of an SCI. Please check with a French Lawyer on the benefits and possible drawbacks of purchasing by using an SCI, as this could vary dependant on your own financial cicumstances.
Minimum Loan = € 50,000 & Minimum Purchase Price = €62,500, No Maximum Loan or Purchase Price, but must not exceed 85% of the valuation or purchase price (whichever is the lower). 90% loans possibly available for House Purchase on a case-by-case basis in Euros only.
Please note, that for loans in other currencies, the minimum Purchase Price is €230,000 and these types of loan are only available for House Purchase & possibly Home Improvements only.
Re-Mortgage loans for other purposes are only available in Euros only up to a maximum of 70% of the current valuation (Loans for Home Improvements & Transfer of Ownership are available in Euros up to 80% of the current valuation) .
Proof of Income: required in all cases (can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available). Non-Status or self certification loans are currently not available.
Term: For Euro Loans = 7 to 25 years up to age 80; For loans in other Currencies = 5 to 15 years up to possibly age 70
Currency: Euros & other major Currencies (eg: Sterling, USDollars, Swiss Francs and Yen)
Current Interest rate in Euros is from approx 3.95% Variable in the first three months; OR approx 0.70% above 3 month EURIBOR over the whole mortgage term; OR higher Fixed Rates throughout the mortgage term. Loans in other currencies are approx 2.00% above either 6 month or 12 month the current Interbank Oridinary Rate.
Typical French Mortgage in Euros would be a Repayment mortgage of approx €250,000 over a period of 25 years at an interest rate of 3.95% in the first three months and then 1.00% above EURIBOR thereafter = approx €1,327.50 per month Capital & Interest for the first three months and then approx €1,502.50 per month Capital & Interest thereafter. Total approximate payment over the term of €453,085.00 including capital, interest, arrangement and survey fees.
If you would like to talk to an Independant Advisor about obtaining a Mortgage for purchaing a property in France Enquire now
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Type of Article: Finance and Legal in France, Property Buying Information in France
Other Categories: Financed in France, French leaseback scheme in France, French Mortgages in France, Mortgages in France in France
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Location: Property in France
Other Categories: Financed property, French leaseback scheme property, French Mortgages property, Mortgages in France property
Other Categories: Financed property, French leaseback scheme property, French Mortgages property, Mortgages in France property
Other Categories: Financed property, French leaseback scheme property, French Mortgages property, Mortgages in France property
Other Categories: Financed property, French leaseback scheme property, French Mortgages property, Mortgages in France property