equity release in French property

[amber]

Hi everyone

My partner and i own a French property outright and are currently resident in the UK.   Our plan was to release equity in the property to complete renovations so we can make the final move asap.  However when we approached a broker we were told that although it was possible to secure an interest free French mortgage the eeuity released could only be used to pay off loans and the artisans invoices. We wanted to retain some of the capital in order to complete some minor works ourselves and also provide a contingency fund for any unforeseen costs incurred during the renovations. If anyone out there can throw any light on the situation or suggest any other options we'd be much obliged.   Amber

[Nick Trollope]

That would be normal (they will only release money against Artisans invoices). There are ways around this - such as phoneying up the invoices - but I didn't tell you that, did I?

 

[amber]

Thanks for the info Nick - we decided it was too risky negotiating with the artisans so are getting a quote for a repayment mortgage through UCB.  They are the cheapest company we've found and will allow 70% equity release.  Will keep you posted and thanks again for your response.   Amber

[Sunday Driver]

[quote user="nicktrollope"]

There are ways around this - such as phoneying up the invoices - but I didn't tell you that, did I?

[/quote]

And you didn't tell them about the penaties for fraud and false accounting either....[;-)]