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  1. Many thanks for this Babbles. Its BNP whom I'm favouring too.
  2. Hi Babbles, I'm also looking at the option of going for a capped rate, (or possibly a fixed deal for 5 years) because like you, I'm wary of the Euro position and rising interest rates over the medium term. I'm not too keen to go variable. Do you mind me asking which Bank has offered the 7 year cap? You're right on the 80% as being the norm...but from what I can gather, 85% is offered only on the basis of Capital & Interest repayment from day one with a term up to max 20 yrs. We've certainly been given an offer at 85%...but I'm still shopping about. Thanks
  3. Frexpt: I'm very much on board with you on this and your points summarise my own thought process. In particular, the differential on interest rates is a big factor. Also, affordability is always key...but hopefully we've got that well covered.
  4. Benjamin: I agree 100% .    
  5. PaulT: To be fair, I most certainly did not “rubbish” Herefords suggestion. In fact I tried to be polite in my response and to seek reassurance that my thought process was not flawed.   Indeed, I have over recent weeks been considering the merits of borrowing in UK and have considered both the French vs. UK options in detail. Surely the truth is that it’s a judgment call you make based on the known facts at the time you make the decision.  As you have clearly demonstrated in the example you give, hindsight is a fantastic measure of good or bad decisions. Many factors come into play, and if I could confidently predict that it would be best having a UK mortgage rather than a French mortgage, then I’d be doing just that. Either way, I’ll either be right, wrong or neither.   Hererford: I trust no offence was taken. I just thought I’d share with you my thought process for some reassurance
  6. Any other suggestions on which Banks might offer a good deal...and be good to deal with generally?
  7. Hereford: Many thanks for your reply and input. To be honest though, I’m not sure if I agree (sorry!). According to my calculations, if I borrowed say €100,000 by way of a French Mortgage, repaid capital & interest over 20 years, I think I could get a deal offering circa 3.5% fixed for the first few years, then reverting to a variable rate. This would cost me in the region of €580/month. By comparison, and assuming exchange rate of 0.85 / 1.175…then the equivalent would be a UK mortgage of £85,000, probably offered a rate of nearer 5.5%, which would require a monthly payment of £585/mth. So the way I see it, particularly with the potential volatility right now…I feel I’m better reducing my short term currency risk in relation to the purchase price (where a swing against me could be very costly) and run the longer term risk month on month, which, after allowing the cost of exchanging, then euro/pound could reach parity…and I’d be no worse off. Hope that makes sense…or am I wrong in my thought process?
  8. Hi again, We are now nudging towards concluding a deal on purchasing our Maison Secondaire ( with the C de V being drafted now - fingers crossed). We are now shopping about to find the best French mortgage deal and would appreciate input. We’ve got an offer from BNP & I’m taking a quote from Banque Populaire...but would welcome comments, observations or suggested alternatives. Better still, any idea of what terms would represent a good deal borrowing say 85% on a 20 year Capital & Interest basis? Many thanks in advance.
  9. [quote user="pachapapa"]As to the electrics is the building served by a temporary construction provision or does it have a permanent connection?[/quote] Thanks Pachapapa. This point has already been flagged up by our agent who is checking it out. The CdeV will be conditional on either a) confirmation of a permanent & compliant connection...or b) report from french electrician confirming any costs to make compliant and complete proper connection. (We can then decide if we need to adjust price accordingly) Will the diagnostic report flag up this issue? Thanks
  10. WOW! Many thanks for the numerous and varied responses. Didn’t expect so many…so soon. A lot of great advice here which we will of course take on board. Based on the various comments, I think we are inclined to a) continue working with our excellent agent, b) not engage a separate solicitor & c) choose our own English speaking notaire. Of course, our independently commissioned surveyor, plus builder friends input will be very important in deciding if & how we proceed. Many thanks for the warm welcome to the forum.
  11. Hi Wooly, Major works completed by French artisans and guarantees have been requested. Having surveyor on board hopefully flushes out anything obvious. I get the feeling the main risk area could be the electrics which were carried out by non-registered UK electrician...but getting this checked out too. Thanks for your input.
  12. Thanks NormanH. I am comforted you consider us to be on the cautious side of the norm. On one hand, we are really, really excited...but on the other, we are getting quite anxious the nearer we get to concluding a deal. I guess we're just looking for some reassurance. Many thanks.
  13. Hi, Have been lurking in these forums for a couple of years now, whilst we have been doing our homework on finding our dream home in France. This is my first public outing…so please go easy on me! At last, it looks like we have found it! A recently converted barn in Dept 87 which is nearly...but not quite completed…still leaving us having some finishing off to do. We’ve visited it a few times during our last trip and having now agreed a price via the agent, we fly out again next week for a final visit and hope to complete the compromis de vente. We are in the process of arranging a full survey to be carried out whilst we are there, and also a separate meeting with a builder to help cost out what works need finishing off. The agent is helping get copies of artisans guarantees, planning consents etc. So hopefully we are doing all the right things in the right order. No doubt I’ll have loads of questions to ask very soon and become a regular participant here…but at this time I’d really appreciate peoples views on a most basic question I have regarding agents, notaires and best advice generally. From my research thus far I gather that the following is quoted as being “best advice”:- • Don’t go along merrily with everything the agent tells you. • Consider taking independent legal advice via solicitor • Engage your own Notaire (in addition to solicitor) However, in practice, it appears to me that many, if not most people:- • Work closely with the agent and place a high level of trust on their advice, often including preparing the compromis de vente. • Don’t take / pay for independent legal advice – considered unnecessary • Work with the same Notaire as the vendor – which prevents delays and having a less enthusiastic Notaire getting only half a fee. In case it’s relevant, we are working with one of the large well respected (I believe) Anglo - French agents and thus far, we have been very impressed with what feels like the well balanced advice being given and have never felt rushed or pressured at all. Very happy indeed. Therefore, my rather long-winded posting comes down to a simple question. I’m inclined to go along with the second scenario I described above. Is this a reasonable risk to take and do most take it? What’s the norm? Many thanks in advance.
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