[Dan& Pez]

We already own a small house in France but have found another that we'd like to buy as a renovation project (with a view of moving there permanently in a few years) however the offer agreed of EUR 60.000 is too small to get a mortgage. We aren't presently living there (live in Jersey) but if anyone has any suggestions of somewhere in France that may offer us a loan we'd appreciate any info please? We'd prefer to get one in France due to the current terrible Sterling Euro rate! Thank you

 

[Smeg]

You can try these people...

Nos agences Meilleurtaux ®

I will say it, a 60 k euro renovation house sounds very expensive. I hope you know what your costs are to renovate it.

 

[95995]

The simplest thing may be to go through a courtier.

 

[Dan& Pez]

Thank you. It's 2 houses on a large plot with amazing views and doesn't seem overpriced in the area but we've been told around 150k for renovations so we think it will eventually cost around 250k in total - we can't even get a 1 bed flat in Jersey for that so think it's good value!

 

[eairicbloodaxe]

we can't even get a 1 bed flat in Jersey for that so think it's good value!

I live in Zurich during the week. Doesn't mean any 2 bed flat I find in a French city for under 1m Euro is good value...

And I live in Leeds at weekends. Same applies to any under 125k 2 bed home...

My understanding is most French property does not have the capital gain potential other economies property markets may enjoy. So buy for you, not to make money for you.

Regards


Ian

 

[DejW]

I've said this before.....French people buy houses to live in (or to rent out), Brits as an investment on resale. Completely different approaches.

FWIW, some years ago I got a "loan" from my friendly local bank directeur to buy some holiday flats. I thought was a loan and not a mortage - and I'm usually careful about what I sign. When I sold the property I was surprised to find that it was actually a mortgage (dead gage or loan!). I didn't make much difference to me, but be careful what you sign!

I agree that going through a courtier can be helpful, if only it shows you the market of loans available. My friendly bank quoted X% for a loan, I went to courtier and got an offer for less than X%. I went back to the bank and they matched the courtier without even a wimper.

DejW

I live in Zurich during the week. Doesn't mean any 2 bed flat I find in a French city for under 1m Euro is good value...

And I live in Leeds at weekends. Same applies to any under 125k 2 bed home...

My understanding is most French property does not have the capital gain potential other economies property markets may enjoy. So buy for you, not to make money for you.

Regards


Ian

 

[Dan& Pez]

Thanks for the advice. I've tried a few fee-free courtiers today but it seems that there aren't any banks that will go that low even for an equity release on the property we currently own over there, as they have all changed their limits in the last couple of years.

The good news is that I've just spoken to HSBC in Jersey who said they can do an equity release on our Jersey property at 1.59% so we'll just have to go that way. Hoping the rates will change before we have to pay out any Euros.