Remortgage in France
For people who own a French property, remortgaging and utilizing the returns to pay off debts in the UK is getting to be quite a popular choice. One of the fundamental ways French remortgages contrast to those in the UK is that you can often get fixed rates for a long period of time – sometimes up to 25 years or more – which could mean that owners of French property may be able to secure can optimal long term interest rates for their remortgage in France.
Why remortgage in France?
There are a range of reasons why you might want to remortgage your French property, such as:
- Diminish your month to month mortgage repayments – by changing to a mortgage with a more competitive interest rate, you could have lower repayments each month on your French mortgage.
- Release your equity – If you need to use portion of the value from your French property, it might be a good idea to consider a remortgage in France. A remortgage can likewise get you the money to buy another property as a second home, either abroad or back in the UK.
- Pay off other debt – depending on the exchange rate of the pound against the euro, the value tied up in French properties can be worth significantly more after conversion to sterling and can be utilized to make debt repayments in Britain.
What to consider when picking a remortgage in France
If you are not a French speaker, it might be a good idea to apply to one of the numerous specialist bilingual French mortgage suppliers, to help you follow the remortgage process easily.
Generally, as with a UK remortgage, there may be extra expenses to pay. French remortgages will usually oblige you to take out life assurance as a feature of the remortgage contract. You are often also liable for a frais de garantie (a mortgage registration charge) which can be up to 2% of the property’s estimated value.Request a free, no obligation remortgage quote