French holiday home mortgage for British expats in Monaco

12th April 2017

INTERNATIONAL MORTGAGE BROKER

Daniel Howarth

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French holiday home mortgage for British expats in Monaco
Daniel Howarth
INTERNATIONAL MORTGAGE BROKER

Daniel Howarth

I was recently contacted by an existing client – British expats who had been living in Monaco for the last seven years. They were looking for a French holiday home mortgage for a property in Mougins, on the French Riviera.

My clients were a couple with two children under the age of 18. They owned their own company, of which the wife was the director. They had previously worked with Enness for a British mortgage of theirs, however with their main residence in Monaco they now wanted a French holiday home.

The property in question was a beautiful house located in Mougins, at a price of €1.43million agreed with the vendor.

I approached a French private bank and managed to secure competitive terms, considering they were not French residents. This was a result of my very strong relationship with them and, although there were other banks who would lend competitively, none quite as strong as the bank in question. This particular lender has a reputation of being very serious and committed throughout the process so I knew they would be ideal for this case.

As the lender was located in Nice, very close to the property in Mougins, they knew the local market very well so didn’t need to complete a valuation for the mortgage enquiry as they knew the average price was around what my clients are paying.

Before the client came to Enness, they had already tried to get a French holiday home mortgage from the same bank, but from a different department, which gave them terms which were much less competitive. This just proves having a well-connected broker can make a huge difference to the outcome.

The process was smooth from start to finish, with everything being provided to the lender on time. This was crucial to ensuring an efficient purchase.

The terms I achieved were 70% loan to value mortgage fixed at 1.7% over 20 years, on a capital repayment basis, no assets under management (AUM) on day one, with a bank arrangement fee of €1,000.

Although there was no AUM on day one, my clients did agree to place €250,000 AUM as a gesture of goodwill with the bank in order to leverage €250,000 on top of their existing loan to renovate their property.

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