IPF French mortgage update – July 2020
29 Jul 2020
29 Jul 2020
Here is our latest French mortgage update providing you with all the latest news on what’s going on with the French mortgage market for international buyers and providing you with our thoughts and top tips to ensure you’re successful if you’re looking to complete the purchase of a French property before the end of 2020.
The interest levels from international buyers we saw in June have continued to increase with a number of our estate agent partners also reporting a significant increase in business particularly from British buyers. International Private Finance has itself being busier in July 2020 then we were in 2019 in terms of new client numbers which is an encouraging sign.
Many estate agents in France that are selling property to international buyers have reported an uptick in enquiries and sales. This is backed up by the feedback IPF is receiving from buyers.
Anyone who is currently looking for a property, given the current uncertainty around COVID-19, is obviously very motivated about buying. Coronavirus has clearly focused many buyers' minds with a number of people who are planning to purchase a property over the next two or three years deciding to bring forward their plans and make it happen in a much shorter timescale. The Brexit deadline is also providing additional impetus.
Several French mortgage providers have changed their lending criteria over the past four months. This is causing many buyers who have approached the banks directly to have challenges in having their mortgage approved.
Furthermore, as we enter the August holiday season most of the banks are working with a skeleton staff.
Using a good French mortgage broker, therefore, provides you with the strongest possible chance of obtaining your mortgage. They will save you time in getting your mortgage approved and will also provide you with access to discounted rates fees. In some instances, during the month of August, the French mortgage providers will have a 6 to 8-week delay in looking at new applications that are sent to them directly. IPF however, has dedicated underwriters within the banks to fast track our applications.
Many of our clients are also looking to take advantage of the historic-low French mortgage rates that also provide the option to fix your mortgage for up to 25 years. Whether you are looking to reduce your exposure to the exchange rate or to free up your cash to generate a higher return for investing in the stock market this is an approach that many of our clients are taking.
29 Jul 2020
30 Sep 2020