President Sarkozy reforms agenda may benefit British buyers
Proposed new tax reliefs to come in to force within the next three months if passed by law, will mean those looking to buy for residency or retirement in France will benefit by taking out a French mortgage when purchasing the French property. Interest in the first 5 years of a mortgage used to purchase a French main residence will be offset against any income tax incurred, As a resident of France an individual must complete an income tax declaration for both income generated in France and the UK. The relief will be paid as a tax credit if there is no tax to be paid.
Provisional data suggests : For a couple 20% of the interest paid up to a limit of 7500 Euros of interest will be available (3750 for an individual purchaser as a tax credit with a further 500 Euros per dependant. Charles Hamer France offers a wide range tax related services contact the team for more details
To receive maximum tax relief we calculate a mortgage liability of about 150,000 Euros would be required
NEW PRODUCT: Available up to 90% of the property purchase price tracking EURIBOR with a margin of less than 0.6% also capped at 1% above initial offer rate
Available for all purchases, remortgages and loan for works, no early repayment penalties, low cost life cover subject ot acceptance at standard rates.
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Other news....
Bank Swindle
Beware of your savings with Crédit Agricole Sud Mediterranée. Basil Howitt reports on a swindle whereby Crédit Agricole customers with deposit accounts in his area (near Perpignan) have been conned into converting them into shares portfolios.
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Declared your rental income generated from your French property in France?
Beat the bill: A number of existing French property owners have contacted Charles Hamer regarding tax demands received from the local French tax authority
Any income generated in France is subject to taxation first and foremostly in France, this taxation is then counted as a credit against further taxation that may be payable in the UK. Even if you are not generating a rental income you may have had a letter we can assist resolve this matter.
Received a letter ? Contact one of our advisers today by email or telephone
Our mortgage service not only compares the interest rates of national based lenders we broker at a regional level to ensure the most competitive rates are sourced
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Services provided during the mortgage process
Charles Hamer use a unique packaging method, which subject to finance, can be used to enable the brokering for better terms , lower rates and arrangement fees than those offered as standard; which in most cases will save you more money than going directly to a bank yourself.
As brokers, we are not dependent on one French lender. As part of our service we always submit an application to another of our French lending contacts to act as a “back-up”.
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We can offer a French financial planning service to cover issues of ownership, letting and residency planning
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We mediate with the French notaire throughout the mortgage process
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French mortgages are not regulated by a)Consumer Credit Act 1974 b) The Mortgage Code Compliance Board or c) The Financial Services Authority.