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french mortgage


fussy

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Can anyone throw some light on this bit of info, we have been told that if say you own a piece of land and want to build, you can have a mortgage , pay nothing for two years, except 80 euro a month, to cover insurance, then at the end of this time, you sell your excisting house (sorry should have said you have to own a house, and live here) to pay back the mortgage with just 2 percent interest added on, can't believe this to be right, but our source was adamant this is so.
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Sounds like a Pret Relais, or Bridging Loan to me.

We have just taken out a Pret relais to cover us over a 6 week period between the purchase and sale of our house and will be paying 90 euros per month insurance with around 2% interest to pay when we settle after our house sale goes through. It, too, would have been valid for upto 2 years.

Chris

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