If your dream is to buy a property in the French Alps whether it’s to migrate to or just simply for a holiday, even in today’s economic climate, you should look at the choices you have for purchasing your ski apartment or chalet.
A property for sale in the French Alps can be the perfect investment for the future, the ideal nest egg for retirement or the perfect base for an annual getaway for all the family. This guide will tell you some of the things you will need to know and take in consideration when purchasing a property for sale French Alps. Dealing with financial laws and institutions in another country can be a difficult and complex situation and there a lot of things to bear in mind. It is also important to get help where necessary and ask the advice of professionals and people with local knowledge who maybe able to point you in the right direction.
You may, for example, be eligible for a French mortgage. One benefit of these is that you could obtain a 100 loan for the property. The rate could also be lower than a comparable mortgage to that of the UK.
Something to carefully consider before you take this route, would be to know a sizeable amount of information about the French mortgage market. Knowing this will allow you to proceed with greater confidence.
The basics
When you plan to buy property in the French Alps with a local mortgage, be careful not to make assumptions. The most basic financial rules are not the same as those in the UK.
For example, you cannot apply with self certified income. Following the recent economic troubles, UK banks frown on self certification although they may allow it if you have a large deposit. In France, however, you must have third party proof of income. This applies whatever your deposit.
Furthermore in France you must prove that your income is three times the amount of your debts. In other words, if your current mortgage, proposed mortgage, loan repayments, credit card repayments and other forms of debt exceed one third of your income, you cannot proceed.
Knowing your mortgage
A fixed interest rate French mortgage is no different to a British one. The rate is set for the life of the mortgage. You also pay a penalty if you settle the mortgage early.
If you take out a variable interest rate mortgage to buy property in the French Alps, the lender adds a percentage to either the three month or the twelve month Euribor index. The Euribor is the rate at which banks in the euro zone give deposits to each other.
Changes
Of course, financial law changes. So even though you may feel ready to buy a property in the French Alps with a local mortgage, seek up to date advice first. One of the best places to go for such advice on buying a property abroad would be ‘Unique Living,’ one of the largest real estate companies in operating in Europe at current.
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