Melissa Posted July 10, 2006 Share Posted July 10, 2006 We have just seen the message posted by Amber, concerning release of funds from a house owned outright in France. We are in exactly the same position, with the same restrictions on lending. We want to do the renovations ourself, but all French lenders require artisan quotes duly accepted by both parties. The amount they are willing to loan, would be enough if we are doing the work ourselves. However, it will not be enough to cover labour costs if paying someone else! We don't owe any money and just can't understand a way around this. We don't own a property in the UK, as we sold it to purchase our French property. Unsecured loans are at a very high interest rate. Has anyone got a solution to this problem. that is legal and above board. We both work in the UK and find it impossible to believe there is not a way this can be done. Melissa Link to comment Share on other sites More sharing options...
booboo Posted July 10, 2006 Share Posted July 10, 2006 Some danish neighbours of my family, you had bought their french house too outright, needed a massive mortgage to pay for the renovation works. They got some quotes for the work, gave them to their bank (no signing lark), and have done a mortgage (so good rates) with a 'hypotheque' as guarantee. The funds are released each time they send off an invoice 'facture' for work completed. A doddle for them anyway. (it's with the english bunch at CA paris direct) it you wish their contact details you can PM me or look online Link to comment Share on other sites More sharing options...
makeiteasy Posted July 11, 2006 Share Posted July 11, 2006 Hi Melissa,you're right, there's a solution!!!I manage to release equity for my clients, and now it's nearly 50% of my job!!!At the present time, no french banks are able to do it, but i'm working with french branch of foreign building societies which are able to do "equity release"in France.So YES [:D]it's possible to set up an equity release if you have purchased a french property and if you have income.If you want more details please pm me.Cheers.Ps:You could look at an article that i have written about equity release in a english speaking newspaper for people who are living in France www.makeiteasyconsulting.fr/about0.html Link to comment Share on other sites More sharing options...
montagrier Posted July 12, 2006 Share Posted July 12, 2006 Thats interesting...you learn something here everynight..montiwww.renovations24dordogne.com Link to comment Share on other sites More sharing options...
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