Latest transaction: €664,317 mortgage for a property in Paris
- Buying in: Paris
- Property price: €781,550
- Loan amount: €664,317
- Mortgage type: Repayment *
- Mortgage term: 20
- Interest rate: 2.25% *
- Loan-to-value: 85%
Our clients, a French business developer and a UK professor at a prestigious university in London, were looking into an existing property in the heart of Paris. The client first contacted us and was happy to proceed with us. However the agent required a credit check from a French broker before signing the ‘’compromis de vente’’. This French broker promised an excellent deal which our client wanted to pursue (understandably, with the terms offered). However, after weeks of being messed around by the other broker, the client came back to us for advice.
We have a strong experience of the non-resident market and we are well aware of the criteria required post BREXIT. Ultimately, it took us 17 days to secure a 85% LTV repayment mortgage with a fixed rate of 2.25% over 20 years without a life insurance required (though the client chose to take one separately, which is a sensible choice). In a market like Paris, speed is very important to secure the property of your dream.
And the lesson here: always check with non-resident professional brokers as we are more aware of what beyond-the-French-border clients can get.
* The rate / the product may differ to what is currently offered since this mortgage has been agreed.