Latest transaction: €8,820,000 mortgage for a property in Val d’Isere
- Buying in: Val d’Isere , French Alps
- Property price: € 12,600,000
- Loan amount: € 8,820,000
- Mortgage type: Repayment*
- Interest rate: 2.30%*
- LTV: 70%
- Term: 12 years
Our client from the UK is quite wealthy and wanted to purchase an off-plan chalet in Val d’Isere to use for his family and friends mostly and rent out a little bit.
One of our lenders is actually specialised in financing high end properties (which you need when the property is 12.6M€)!
The deal was quite straight forward eventhough it was French Private Finance’s biggest financing ever. We got he mortgage offer within 5 months which is not too bad knowing the application had to be reviewed by many Risk Committees at the bank.
The bank offered a 70% LTV on a repayment mortgage over 12 years at 2.30% fixed for the whole duration.
We organized the mortgage cover (life insurance) through our usual insurance broker who got a great premium (0.25% averaged on the mortgage amount for a +55 years old beneficiary is quite excellent).
For tax purpose, the purchase and the financing were made through a French limited company called SARL de Famille. We can introduce you to an accountant to get proper advice.
* The rate / the product may differ to what is currently offered since this mortgage has been agreed.