As fee free independent 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 and long standing relationships with the indigenous lenders of France. This access gives us the opportunity to provide you with a true comparison of the most appropriate means of finance of the day and we are able to provide significant interest rate savings compared with those lenders at the forefront of the market.
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
We can obtain mortgages in France of 85% of the purchase price including renovation and agency costs for non residents. We can also achieve advances to 100% for those resident in France. 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.