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