More relevant Mortgage info:
Have you bought at Polaris World already? Maybe you want to look at
improving the terms of your current mortgage or look to raise extra cash
against your property. With the
Pound to euro rate so low raising
cash in Spain and transferring back to the UK is proving to be popular.
Mortgages in FranceGetting a mortgage in France can be a daunting process owing to the language barrier and differing criteria and products with the French banks. The services of a French mortgage broker are invaluable to secure a loan in France for the purchase of a second home or investment property with a minimum of hassle and expense. We found the people at Athenamortgages.com to friendly and efficient offering a much wider choice of mortgages in France than other providers. Their services include a free decision in principle, comparative quotes offering a range of different euro mortgage products and full processing of the application. Their web site offers useful tools such as a French mortgage calculator and best buy tables offering a range of French mortgage products.
French mortgage application processIt is a quick and easy process to find out how much you can borrow in France. After a five minute conversation with one of the brokers, you can quickly have a good understanding of the maximum loan you could comfortably achieve in France. The discussion then turns to the kind of rate you would like, from pure variable mortgages based on the 3-month Euribor, to capped and fixed rates, each product type is displayed clearly side by side in a comparison sheet. Once a loan has been selected, you will have to provide supporting documentation to obtain your French mortgage, your last 3 months payslips, bank statements, proof of identity and tax documentation. As soon as the brokers have the documentation the time it will take to receive the offer should be no more than a couple of weeks.
The advantages of French mortgages.French mortgages offer those outside the EU the opportunity to take advantage of high levels of loan to value (LTV) to finance their property purchase in France. Releasing funds from a property in another currency to make a purchase in France should only be done if the currency exchange rate is extremely advantageous, as there is a large currency risk involved in this transaction as if the exchange rate changes by 20% this means that if you had to sell the property in France quickly, you might lose of to 20% of the amount you invested. The ideal scenario is to operate two mortgages, one in France and one in your home country. The strategy would be to remortgage each one when the currency conditions were favourable to pay off a chunk of the capital on the other. With this strategy it is possible that you could in fact pay off each property far more quickly.