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Specialists for individuals and small businesses in:
French Tax Administration Services
French Tax Planning
UK Tax Administration Relating to French matters
French Tax Administration Services
French Tax Planning
UK Tax Administration Relating to French matters
French mortgage deal of the week, funding to purchase a French chateau
EUROS
Repayment Mortgage 1 750 000
Fixed interest rate 0.89%
Mortgage payment pm 10,389
Estimated French life assurance pm waived
APRC 1.00%
Background
Our client found a beautiful French Chateau and his offer to purchase was accepted. He had been gazumped on an earlier purchase , which as it happens he was considering purchasing . He had found that the majority of French banks would not consider funding for the purchase of a chateau. . He had therefore resigned himself to purchasing for cash reluctantly as this would have mean't that he would not have benefitted from offsetting the interest paid on a French mortgage against the French Wealth Tax that he would have to face .
After the disppointment of losing the First purchase , his offer was accepted on another Chateau . He approached us and we obtained funding from a French bank who is exclusive to Charles Hamer based on a French repayment mortgage of 1.750 000 E on a fixed rate of 0.89% over a term of 15 years.
The bank requested a sum of £800,000 to be be placed on either a savings account. in shares or an assurance vie .
The APRC (annual percentage rate of charge) serves to illustrate the anticipated cost over the full term of the mortgage taking into account :
Euros
The bank arrangement fee 500
Charles hamer arrangement fee 12300
The mortgage regisration fee 7320
The interest paid over the mortgage term
The bank did not require a life assurance policy to be taken out
