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French mortgage


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Hi there,

We have just joined this forum, and we hope someone out there can help!

I bought a house in the South Vendee in 2003 as a maison secondaire, but which we use ourselves for 4 -5 months of the year, at a rate of 2.5% guaranteed for 2 years.

In the last 5 years, Abbey were sold to BNP Paribas, and now I am told that my mortgage is with UPS. They sent me no information as to rates etc when they took over, so I phoned and asked them for details of my account. Apparently I am now on a rate of 7.9%! My payments are still the same, so 5 and a half years on, I still have 20 years to go on my mortgage!

Obviously this, plus the exchange rate at the moment (I transfer money from the UK for the mortgage payments) mean I am much worse off in every direction. I have written to them asking whether this is the best deal they can offer, and they say it is this, or a fixed rate deal which frankly isn’t worth considering. We currently owe around 60,000 euros, but are in a position to reduce this to about 40,000 if that is a good idea! (House value is around 150,000 euros). Can anyone tell us how easy it is to remortgage in France, and if so, any ideas on who to contact! Thank you very much in anticipation![:)]

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The change of the rate of interest  was certainly part of the initial contrat, which they could have hardly changed without your approval.

Yes, you can make extra payments if you wish to. But have a look at the costs.


Yes, you can renegotiate the contract.

You need however other offers from other banks, to compare. It may be best to wait for the extra payment, till you have the offers.

And beware of the extra costs.



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That seems really high we had and now are in the process of getting another one with them, a variable rate for 20 years but the rate is 4.95% which seems way different to what they have offered you, it might be worth checking again with them as it doesn't seem right, I've just remembered there is also an arrangement fee of 1500 Euro's. PM if you want me to give you the direct phone number to the lady who is helping us who has done a lot of work to get the right deal for us.
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