Pret relais

[Garlic]

I'm trying to get a pret relais. I've been offered 70% of the value of my house but I need a monthly income equal to 3x the monthly interest repayment. My income fluctuates so this is a bit of a problem does anyone have any recommendations of agencies I can approach who may be slightly more flexible?

Thanks

[booboo]

I think you'll find it's pretty much standard practice for a pret relais which is based on 70% of the value. As for your income, in France lending criteria is that you can only be in debt for a third of your income.

[Will]

By definition, it is usually somewhat difficult to meet the percentage value and income requirements for a prêt relais rather than a mortgage. Are you applying for a mortgage on your new house? If so, the bank or other organisation granting the mortgage will be the best contact. If for any reason they have refused the loan, then it may be rather difficult to find one through another mortgage provider. If you aren't buying with a mortgage, then it is probably best to apply to your French bank, as they will have your credit details.

To save any confusion, for other readers who may not know, the prêt relais is the French equivalent of a bridging loan in Britain. They are generally rather better thought of than UK bridging loans, we have used one (through Société Générale) which worked very well.

[Garlic]

Thanks
No I don't need a mortgage, the 70% they will give against my house is sufficient to buy the house that I want to buy. The problem is that they still want my income to be equal to 3x the monthly interest on that sum and it's not, partly because they won't include some parts of our income as they are not 'durable'. I do understand the problem it's just a bit irritating as it seems that I will have to sell, rent and then rebuy in order to move and I like the house I already have it's just I've found a project I'd like to take on and by the time I've sold it may well have sold. I may just have to give up on the idea.

[Lori]

Garlic - your llamas are adorable !

 

[Garlic]

Thanks Lori, they're better known as the hay eaters second only after the donkey hayeaters!

[Anyone for Cricket?]

Hi

We've in the process of getting a pret relais with CIO they seem less uptight about the income if there is a real sale prospect on your own house.  We have a date for compromis signature and they don't seem too fussed about income.    We have borrowed through them before without issue, they do seem to be a bit more flexible. 

 

 

[Garlic]

Thanks jpe,

We have a chance that the broker can give us the advance we need but if not I might approach your people, could you pm me their www? Although I don't have a buyer lined up yet, My property has been valued by an estate agent who can do it for 'proper' valuations and I'm asking for less than 70% of the lowest valuation.