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Original poster

Own a property outright in France - can we borrow against it?

3 replies

mulranno · 22/09/2011 14:52

House worth E 500K can we get a mortgage on it (need to raise 100K) - or do we need to show rental income to cover the loan?

Should we do this with a UK bank in £s or a French bank in Es?

OP posts:
Original poster
mulranno · 26/09/2011 11:30

...bump...

OP posts:
CogitoErgoSometimes · 26/09/2011 15:16

Start with a french bank. I don't think British banks would lend money secured on overseas property as a rule. A British bank would need to see proof of income in order to agree to any mortgage. If that income is from rental then it would may fall into the category of a Buy To Let mortgage - although a french bank may have different conventions. Could be worth finding a mortgage broker in France to help you navigate the french financial system which I understand is complex.

GettingOnTheLadder · 26/09/2011 22:35

I know very little about these things but know a British bank isn´t in a position to easily assess the value of your property in France so will not be interested ime. It would be too much bother. I tried this once.
If you get the money in euros, won´t you also still benefit from a favourable exchange rate? Could be a perk! Or could mean you need to lend less than expected?

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