FRENCH MORTGAGE NEWS

To help buyers looking for that dream home in France, Offshoreonline.ORG, expatriate and euro mortgage specialists, has announced the launch of a new range of mortgage products offering both increased flexibility and lower interest rates.

This new range of French euro mortgages provides options for those clients who are looking to buy and refurbish a property and who may currently fall foul of strict French bank affordability criteria. Tim Harvey, managing director, Offshoreonline.ORG says: "Affordability is still an area that comes as something of a shock to buyers used to the UK market where the 100% mortgage and large salary multiplier are the norm. In France, lenders have to ensure that a client’s borrowings and liabilities do not exceed around 35% of net income."

Offshoreonline.ORG can now negotiate new interest-only products on the basis of a 20% deposit, with the interest-only period running up to 15 years. Capital repayments during this period are free of any penalty, giving this product an exceptional level of flexibility. With an increased deposit of 30%, Offshoreonline.ORG can also offer clients new lower variable rate repayment products starting at an interest rate of just 2.95%, with the margin over Euribor, the European Central Bank reference rate fixed for the duration of the loan. These new lower variable rate repayment products are a low cost and flexible offer for clients wanting a capital and interest repayment structure.

Offshoreonline.ORG is also testing a new revolving credit product that will appeal to clients who may be refurbishing a property. Capital repayments made in year one are added up to create a revolving credit reserve, which clients can redraw subsequently for home improvements and general living expenses.

Finally, new variable rate repayments are now available with a 30-year repayment term, which will be of interest to buyers who want to spread repayments over a longer term and so be able to meet strict French bank affordability criteria.

For information on this new range of French euro mortgages, email or visit Offshoreonline

Source Newskys