• Buying in: Morzine
• Property price: €420,760
• Loan amount: €310,000
• Mortgage type: Interest Only
• Mortgage term: 14
• Interest rate: 2.35% fixed
• Loan-to-value: 74%

The Background

Our client is a veteran of the property business and knows a lot about property renovation but he never saw the French mortgage process to secure a renovation loan. This was an adventure on its own.

Our Approach

It is possible to finance a renovation loan (minimum 150,000 €). The terms are identical as a purchase mortgage. The key difference is in the documents required. For a renovation project, we require the architect contract or the contract of the managing company but also every single quote, building insurance, invoices, marches de travaux (list of all the works with costs and the name of the company used). It requires a lot of patience as there are a lot of intervenants in the process. 

Because of it. It took almost 6 months to secure this interest only loan over 14 years with a fixed rate of 2.35%. However, to the credit of the bank (pun intended), once we had all the quotes, etc…. the process was extremely fast, close to our standards.