Help! French morgage for the self employed and remorgaging English business

[Babbles]

I'm hoping someone can help us, We are looking to buy a holiday home in Gers, Lot & Garrone (which will become our permenant home)and could do with any advice on how to finance it as we are not in a "normal" position. We have a business which we live over and will be refinancing for the deposit, the bit I'm unsure of is, will our ( French ) morgage be treated as a 1 st mortgage or one for a second home. We do not have a mortgage that has been calculated on our income in the UK , our business pays all our home costs as we live above it but we do have loans against the business and freehold (about 40% of the value). This creates another issue as our income looks like it is lower than reality compared to when we were employed as there are no housing costs in it. Ideally we want to borrow the maximum we can in Euros and the minimum in the UK against the business as the interest rates in the UK are not that favorable. Can anyone help me untangle this to make some kind of sense!!!!

 

A bit more info, we will still be working in the UK for 2 or 3 years ( whilst we still have a reliable, predictable income and could have major unforeseen expenses during renovations) but as the majority of the mortgage we would be living in France we thought it best to have Euro one and get ourselves established financially before we move. The other point on the interest rates is that we have a business loan not a mortgage in the uk which is more expensive than either type of mortgage.

 

Thank you for the recomendation and if anyone has any other suggestions/ recommendations they will be greatfully recieved !!!

Thanks for the Advice, have now found a broker and have started the long process of sorting through all the documentaion self employed people need !

[Beryl]

We used this chap after seeing positive reports on here. We found him to be helpful and got us a good deal and quickly as our circumstances were a little unusual too.

http://www.completefrance.com/cs/forums/500171/ShowPost.aspx

[Clarkkent]

Have I got this right?

You have a business in the UK. This business will be your source of income even though you intend to live in France. You are seeking finance in the form of a mortgage in order to buy your French house.

If this is the case (and I apologise if it is not) I think you need to seek advice from someone other than the amateurs on this site.

I am always worried when people with a UK income want a French mortgage because French interest rates are lower. You have to add the complications of exchange rate fluctuation - movements in the wrong direction has sent many people back to the UK - and the continued cost of servicing a loan in a different currency.

Get professional advice.

[Beryl]

David McDonald is a professional, that's why I suggested him;[:)]