• Buying in: Val d’Isere
• Property price: €3,450,000
• Loan Amount: €2,415,000
• Mortgage Type: Repayment
• Mortgage Term: 20
• Interest Rate: 1.78%
• Loan-to-value: 70%

The background

We have known this amazing client based in London for quite some time now as a previous deal had fallen through (negotiation went a bit sour). He already owned an apartment in the French Alps but wanted to upgrade. He found an amazing chalet in Val d’Isere and wanted to renovate it to make it bigger/better. 

The client wanted (yes you guessed it) a high LTV, a low rate and wanted to limit as much as possible having to place Assets Under Management with the bank (due to his profession, he was quite limited in the type of products he could invest in).

Our approach

The extension works would be consequent (around 2M€) and would require a lot of planning / works / finding the builders, etc… So we decided to split the project in 2 parts:

• Part 1 would be to finance the purchase of the chalet as fast as possible (september / October) to secure it and place the building permit as soon as possible so it would be clear to start the renovation in Spring.
• Part 2 would be to finance the works. 

This set up allows the client more time to plan his extension project without having the pressure of the purchase of the property at the same time.

There is nothing to say about the process except that it went perfect:

From the day we sent the complete application to the bank to the day we got the mortgage offer, after we had a survey of the property organised and the life-insurance and the medical tests done, it took only 46 days! Only a month and half to secure a 70% LTV mortgage of 2.4M€ with a fixed rate of 1.78%!

We cannot wait for part 2!