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Equity Release


Tasha

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With the equity from our UK home we have purchased a property in France, now the work on this property is nearly completed we would like to raise a mortgage on it so that we can use the equity for a deposit on another property, however our IFA is having trouble finding a company who can do this on a French property. Do any of you know if it is possible? Have any of you done this? Any advice would be helpful.

Tasha
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If your IFA (who will make money on the deal) cannot find a company I would not hold your breath.

My son funds his properties by using an account such as Virgin One. He pays off huge chunks of his mortgage when he gets a bonus or when they get any other money so he is not extending himself but using an original loan for house purchase to purchase other property. We also did this in the UK, using the Virgin One account to purchase over here as we had cleared our UK mortgage very fast - when it is a choice between going to a resturant or paying a bit more off the mortgage, some of us get into the habit of paying the debt off. Opens up all sorts of new horizons and geting downright mean means you are debt free earlier.

Sorry I digressed - but this is the only thing I can think of and only works on a UK property BUT if you don't pay the mortgage down you are in even more trouble.

Di
http://www.iceni-it.co.uk
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Being a french property may also incurr high taxes. You have to remember that the french buy houses to live in for many years so they don't incurr penalties. French mortgages are not so easy to come by as they are in the UK either. With the threat of bank rates rising steadily again you need to think very carefully on this.
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  • 3 weeks later...
LAST EDITED ON 24-May-04 AT 12:04 PM (BST)

Tasha - has your search progressed any since the end of April?

Regards
Andy.
----------------------
http://www.sompt.com
Deux-Sevres (region 79)
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