Second time lucky for alpine property hunters – 2.55% fixed for 20 years at 80% LTV
This month’s French mortgage transaction of the month was for a 80% loan (€404,000) on a three bedroom new-build ski apartment in the 3 Valleys priced just above €500,000.
It was their second time around trying to acquire a property in the French Alps. The first time they were quoted a super low rate by a broker which failed to materialise from the bank, by which time the property they originally wanted was reserved by another buying.
This is a common theme at the moment, especially with new-build properties that are selling quickly. It is very important that those buying get ahead of the game with realistic finance options so that when crunch time comes, they do not fall behind as a result of unachievable mortgage offers.
In the end the couple in question we were able to secure a very favourable rate of 2.55% fixed over 20 years, thus providing very good long term value and transparency.