Services Provided by Charles Hamer
What services do we offer?
BROKING
Interest Rate Savings
As brokers we have access to the more competitive interest rates in France and the UK through both lending institutions represented in the UK and those exclusively found in France. We have computerised connections to the market as a whole in the UK. This access gives us the opportunity to provide you with a true comparison of the most appropriate means of finance of the day and very often we are able to provide significant interest rate savings compared with those lenders at the forefront of the market such as BNP-Paribas and GE. Currently we can achieve savings of as much as 1% per annum (year on year) compared with those French banks specifically targeting the non resident buyer (APR 3.41% versus 4.41%).
A SAVING OF 1% PER ANNUM ON 100,000 EUROS, EQUATES TO A SAVING OF 20,000 EUROS OVER A STANDARD 20 YEAR TERM MORTGAGE
Maximum Advances
We can obtain mortgages in France in excess of the standard 85% of the net purchase price. Typically we can achieve advances to 100% on standard purchases over 300,000 Euros including the renovation costs and 100% of the VAT free leaseback price. This often allows 100% financing of the French property, including purchase costs, if personal resources are limited or inaccessible. High income multiples and flexible attitudes by lenders to ancillary income sources allows us to consider applications outside the strictest lending criteria of the mainstream. Including gites, residential/rental ventures and buy-to-lets.
To receive an up to date personalised quote go to application or contact Chris Ellis and the French mortgage team directly for more details.
SERVICES PRIOR TO PURCHASE
In addition to the possible cash savings generated by our broking expertise, we can also provide pre-qualification for a mortgage before you go out and find your property. Once instructed by you we include the following services over and above obtaining the mortgage agreement.
Safeguard Deposit
We establish immediate contact with the notaire(s) informing them of your application for mortgage funds and ensuring that the "Condition Suspensive" concerning obtaining funds is adhered to, thus safeguarding your deposit.
Completion Statement
During the course of the application, and once the mortgage offer has been issued, we provide an estimate of the purchase costs, verified by the notaire, giving sufficient advance notice of when and how much your contribution will need to be at completion, in addition to the mortgage funds and deposit already paid.
French bank account
We open a bank account on your behalf and oversee the initial deposit of funds to cover the first month's mortgage payment. If required a cheque book will be obtained, and subject to status, a Carte Bleue (equivalent to a UK credit card) may also be given.
The Compromis
Our role is limited to that of providing financial advice, and we recommend specialist legal advice be obtained regarding your contractual rights and obligations. We are in a position to oversee the completion of the Compromis in respect of the terms and conditions to obtain a mortgage, and confirm the estimated notaire's fees.
French Buildings Insurance
We will introduce you to insurers both in the UK and France and arrange for any existing policy held by the vendor to be abolished, if required.
Life assurance
We will organise suitable life policies in either the UK or in France, as is required, in association with the loan. In certain cases we can ask the banks to waive the requirement for life ansurance or allow the use of existing/external policies which can offer French inheritance tax benefits.
Power of Attorney
If completion is to take place by Power of Attorney we will liaise with the notaire to confirm that the document is suitable for the mortgage contract, and provide instructions for legalising the document in the UK.
SERVICES AFTER PURCHASE
Newsletter
By means of a quarterly newsletter, to which subscription is free, all our clients receive up-to-date information of financial developments both in France and the UK which may have a bearing on French property ownership.
Complimentary Tax and Social Security Reports
Many buyers of French property either wish to generate an income via holiday or long term lettings, others intend to immediately or eventually retire to France. Charles Hamer has several introductory reports covering a wide range of topics from French taxation of furnished holiday lettings, to the cost and obligations of adhesion to the French Social Security system. All are available to our clients on request and without charge.