If you decide to move to France temporarily or permanently, you are going to need a property to live in. This can be quite a tedious process, especially if you require financing. Expats looking for a property to renovate in France should be aware that homes that are in need of renovation, can either offer value for money or not make financial sense at all. To ensure you get value for your money, here are some factors you should consider when looking for a property to renovate in France.
- Minimum Property Purchase price - 150 000€
- Loan to values for non-residents range between 50% - 85%
- Loan term of up to 25 years
- Minimum levels of income required : 50 000€
This loan is offered in France and Monaco, but is always required to be linked an investment often referred to as Assets Under Management (AUM). Because you are only paying back interest and not capital, the monthly payments are considerably lower, however this can not be the reason to go for an Interest only mortgage. The amount of investment differs from bank to bank but also on the size of the loan. It tends to vary from 30 -50% of the loan amount.
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There’s something of a building boom going on in the French Alps right now. And it’s perhaps never been a better time to consider buying a property in the French Alps, one of the region’s most popular ski destinations.
Purchasing a property abroad is never easy, and neither is getting an expat mortgage in France! However HB Mortgages are here to make the process stress-free.