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22
EXPERT ADVICE LEGGETT MAGAZINE
leggettfrance.com
Are you self-employed?
When you're self-employed,
getting a mortgage can be problematic - especially in France.
If normal
mortgage routes are inaccessible,
buying Vente à Terme might provide
the key.
Quite simply, Vente à Terme means
vendor-funded. You buy in the
normal way through a notaire,
paying the customary deposit. You
then pay the vendor a set amount
each month (usually over 10-15
years) but become the legal owner
immediately upon signing. As with
any normal purchase, all costs and
expenses are paid by the buyer.
Sandy Guyonnet, our in-house
French notaire, is an expert in this
method of property purchase.
Although it is well-recognised in
France, expats are often unfamiliar
with it.
to strengthen dramatically against the
Euro.
If this is the case, you may wish
to hold back as much of your Sterling
savings as possible. By taking a larger
French mortgage, you can wait until
such a time as the strength of the
Pound has reached its high point. At
this stage, you will be able to take
advantage of this exchange rate by
transferring your funds into Euros
and paying off a large chunk of your
mortgage, thereby effectively buying
that part of your property at a great
exchange rate. The catch? In order to
do so, you would have to take out a
mortgage that does not charge fees
for early repayments: in general this
means opting for a variable-rate
mortgage.
This example gives you a first
insight into the kind of choices you
may be faced with when securing financing on your
French purchase, and
how these choices remain important
in the future. Due to the increasing
number of foreign buyers in France,
many types of French mortgage are
available to non-resident purchasers.
To make sure you have all the information
to hand before taking such
an important decision, always consult
the experts. By using a French mortgage
broker, you will give yourself
the best chance of making the right
choice, one that will pay dividends
throughout the ownership of your
new French property.