How to borrow £60-£75k to buy a house in France?
Discussion
Evening all, after some advice if possible and ideally some suggestions as to how I can best move my plan forward.
I’m looking to purchase a house in France for a price in the region of £85k, with a view to relocating out there full time in a few years’ time, after continuing to work in the UK to pay off as much of the debt as fast as possible, as I earn well here.
I’ve found a house which ticks all the boxes and I’m heading out mid-October on a reccy and to view this property (assuming not sold) and whatever else is available within my budget/location which fits the bill.
I’ve got £20k or so in savings already, however French mortgage lenders currently stipulate a minimum lending amount of €250k (if not a resident or working in France) and, after speaking with Sarnie on here (who was super helpful!), because I am a FTB I can’t borrow against anything in the UK either, certainly not a mortgage product anyway.
My only option appears to be a personal loan which will inevitably cost a lot due to high interest rates (I’ve seen examples of 9.9%), and I can’t borrow from friends and family.
I’m part French and have genuinely had enough of living and working in the UK. I speak the language fluently and intend to work (subject to me securing a French passport or suitable visa) in property and tourism, which I have done throughout my career, and largely with the French market. I’m desperate to go and start a new life out there after a tough few years with an unexpected divorce and some serious health issues.
I’d be hugely grateful for any tips you may have as to how best I go about securing some finance. I’ve got an excellent credit rating etc.
Merci d’avance !
I’m looking to purchase a house in France for a price in the region of £85k, with a view to relocating out there full time in a few years’ time, after continuing to work in the UK to pay off as much of the debt as fast as possible, as I earn well here.
I’ve found a house which ticks all the boxes and I’m heading out mid-October on a reccy and to view this property (assuming not sold) and whatever else is available within my budget/location which fits the bill.
I’ve got £20k or so in savings already, however French mortgage lenders currently stipulate a minimum lending amount of €250k (if not a resident or working in France) and, after speaking with Sarnie on here (who was super helpful!), because I am a FTB I can’t borrow against anything in the UK either, certainly not a mortgage product anyway.
My only option appears to be a personal loan which will inevitably cost a lot due to high interest rates (I’ve seen examples of 9.9%), and I can’t borrow from friends and family.
I’m part French and have genuinely had enough of living and working in the UK. I speak the language fluently and intend to work (subject to me securing a French passport or suitable visa) in property and tourism, which I have done throughout my career, and largely with the French market. I’m desperate to go and start a new life out there after a tough few years with an unexpected divorce and some serious health issues.
I’d be hugely grateful for any tips you may have as to how best I go about securing some finance. I’ve got an excellent credit rating etc.
Merci d’avance !
Edited by 2HFL on Thursday 14th September 20:02
964Cup said:
Many moons ago when we bought our place in France we borrowed from BNP Paribas's International Buyer's Programme. If that still exists it might be worth a look.
Thanks 964Cup, a quick Google shows they have removed this facility now, sadly. Thank you for the suggestion though!Good luck with the adventure.
It might be doable. Barclays could go to 50k unsecured, over 5 years it's about 1200 per month, but it's 13%.
You might find other options out there. Obviously compared to a mortgage that's an ouch rate, but probably depends on your UK position and time scales
If we have an in house Mortgage Advisor, im sure they can help more with advice and options.
.
It might be doable. Barclays could go to 50k unsecured, over 5 years it's about 1200 per month, but it's 13%.
You might find other options out there. Obviously compared to a mortgage that's an ouch rate, but probably depends on your UK position and time scales
If we have an in house Mortgage Advisor, im sure they can help more with advice and options.
.
2HFL said:
Evening all, after some advice if possible and ideally some suggestions as to how I can best move my plan forward.
I’m looking to purchase a house in France for a price in the region of £85k, with a view to relocating out there full time in a few years’ time, after continuing to work in the UK to pay off as much of the debt as fast as possible, as I earn well here.
I’ve found a house which ticks all the boxes and I’m heading out mid-October on a reccy and to view this property (assuming not sold) and whatever else is available within my budget/location which fits the bill.
I’ve got £20k or so in savings already, however French mortgage lenders currently stipulate a minimum lending amount of €250k (if not a resident or working in France) and, after speaking with Sarnie on here (who was super helpful!), because I am a FTB I can’t borrow against anything in the UK either, certainly not a mortgage product anyway.
My only option appears to be a personal loan which will inevitably cost a lot due to high interest rates (I’ve seen examples of 9.9%), and I can’t borrow from friends and family.
I’m part French and have genuinely had enough of living and working in the UK. I speak the language fluently and intend to work (subject to me securing a French passport or suitable visa) in property and tourism, which I have done throughout my career, and largely with the French market. I’m desperate to go and start a new life out there after a tough few years with an unexpected divorce and some serious health issues.
I’d be hugely grateful for any tips you may have as to how best I go about securing some finance. I’ve got an excellent credit rating etc.
Merci d’avance !
As per our messages over whatsapp a few evenings ago, it's not something I can help with directly as the property is outside of the UK.I’m looking to purchase a house in France for a price in the region of £85k, with a view to relocating out there full time in a few years’ time, after continuing to work in the UK to pay off as much of the debt as fast as possible, as I earn well here.
I’ve found a house which ticks all the boxes and I’m heading out mid-October on a reccy and to view this property (assuming not sold) and whatever else is available within my budget/location which fits the bill.
I’ve got £20k or so in savings already, however French mortgage lenders currently stipulate a minimum lending amount of €250k (if not a resident or working in France) and, after speaking with Sarnie on here (who was super helpful!), because I am a FTB I can’t borrow against anything in the UK either, certainly not a mortgage product anyway.
My only option appears to be a personal loan which will inevitably cost a lot due to high interest rates (I’ve seen examples of 9.9%), and I can’t borrow from friends and family.
I’m part French and have genuinely had enough of living and working in the UK. I speak the language fluently and intend to work (subject to me securing a French passport or suitable visa) in property and tourism, which I have done throughout my career, and largely with the French market. I’m desperate to go and start a new life out there after a tough few years with an unexpected divorce and some serious health issues.
I’d be hugely grateful for any tips you may have as to how best I go about securing some finance. I’ve got an excellent credit rating etc.
Merci d’avance !
Edited by 2HFL on Thursday 14th September 20:02
After that I've actually been dealing with a similar enquiry and an industry colleague has refered me to company that may be able to help you, send me an email with your contact details and I'll put you in touch with them
2HFL said:
Evening all, after some advice if possible and ideally some suggestions as to how I can best move my plan forward.
I’m looking to purchase a house in France for a price in the region of £85k, with a view to relocating out there full time in a few years’ time, after continuing to work in the UK to pay off as much of the debt as fast as possible, as I earn well here.
I’ve found a house which ticks all the boxes and I’m heading out mid-October on a reccy and to view this property (assuming not sold) and whatever else is available within my budget/location which fits the bill.
I’ve got £20k or so in savings already, however French mortgage lenders currently stipulate a minimum lending amount of €250k (if not a resident or working in France) and, after speaking with Sarnie on here (who was super helpful!), because I am a FTB I can’t borrow against anything in the UK either, certainly not a mortgage product anyway.
My only option appears to be a personal loan which will inevitably cost a lot due to high interest rates (I’ve seen examples of 9.9%), and I can’t borrow from friends and family.
I’m part French and have genuinely had enough of living and working in the UK. I speak the language fluently and intend to work (subject to me securing a French passport or suitable visa) in property and tourism, which I have done throughout my career, and largely with the French market. I’m desperate to go and start a new life out there after a tough few years with an unexpected divorce and some serious health issues.
I’d be hugely grateful for any tips you may have as to how best I go about securing some finance. I’ve got an excellent credit rating etc.
Merci d’avance !
As per our messages over whatsapp a few evenings ago, it's not something I can help with directly as the property is outside of the UK.I’m looking to purchase a house in France for a price in the region of £85k, with a view to relocating out there full time in a few years’ time, after continuing to work in the UK to pay off as much of the debt as fast as possible, as I earn well here.
I’ve found a house which ticks all the boxes and I’m heading out mid-October on a reccy and to view this property (assuming not sold) and whatever else is available within my budget/location which fits the bill.
I’ve got £20k or so in savings already, however French mortgage lenders currently stipulate a minimum lending amount of €250k (if not a resident or working in France) and, after speaking with Sarnie on here (who was super helpful!), because I am a FTB I can’t borrow against anything in the UK either, certainly not a mortgage product anyway.
My only option appears to be a personal loan which will inevitably cost a lot due to high interest rates (I’ve seen examples of 9.9%), and I can’t borrow from friends and family.
I’m part French and have genuinely had enough of living and working in the UK. I speak the language fluently and intend to work (subject to me securing a French passport or suitable visa) in property and tourism, which I have done throughout my career, and largely with the French market. I’m desperate to go and start a new life out there after a tough few years with an unexpected divorce and some serious health issues.
I’d be hugely grateful for any tips you may have as to how best I go about securing some finance. I’ve got an excellent credit rating etc.
Merci d’avance !
Edited by 2HFL on Thursday 14th September 20:02
After that I've actually been dealing with a similar enquiry and an industry colleague has refered me to company that may be able to help you, send me an email with your contact details and I'll put you in touch with them
ellroy said:
No other assets that could be used as collateral here in the U.K.?
Also take some advice regarding French IHT etc when you do buy, I’d advise having a French will as well as U.K. their rules are a tad complex.
No assets which I can borrow against (to my knowledge anyway) and I have no children, so my god daughter and five nieces/nephews (plus a big % to a mental health charity) are the beneficiaries of whatever estate I leave behind.Also take some advice regarding French IHT etc when you do buy, I’d advise having a French will as well as U.K. their rules are a tad complex.
OoopsVoss said:
Good luck with the adventure.
It might be doable. Barclays could go to 50k unsecured, over 5 years it's about 1200 per month, but it's 13%.
You might find other options out there. Obviously compared to a mortgage that's an ouch rate, but probably depends on your UK position and time scales
If we have an in house Mortgage Advisor, im sure they can help more with advice and options.
.
Thanks, I’ll take a look at this over the weekend.It might be doable. Barclays could go to 50k unsecured, over 5 years it's about 1200 per month, but it's 13%.
You might find other options out there. Obviously compared to a mortgage that's an ouch rate, but probably depends on your UK position and time scales
If we have an in house Mortgage Advisor, im sure they can help more with advice and options.
.
Sarnie said:
2HFL said:
Evening all, after some advice if possible and ideally some suggestions as to how I can best move my plan forward.
I’m looking to purchase a house in France for a price in the region of £85k, with a view to relocating out there full time in a few years’ time, after continuing to work in the UK to pay off as much of the debt as fast as possible, as I earn well here.
I’ve found a house which ticks all the boxes and I’m heading out mid-October on a reccy and to view this property (assuming not sold) and whatever else is available within my budget/location which fits the bill.
I’ve got £20k or so in savings already, however French mortgage lenders currently stipulate a minimum lending amount of €250k (if not a resident or working in France) and, after speaking with Sarnie on here (who was super helpful!), because I am a FTB I can’t borrow against anything in the UK either, certainly not a mortgage product anyway.
My only option appears to be a personal loan which will inevitably cost a lot due to high interest rates (I’ve seen examples of 9.9%), and I can’t borrow from friends and family.
I’m part French and have genuinely had enough of living and working in the UK. I speak the language fluently and intend to work (subject to me securing a French passport or suitable visa) in property and tourism, which I have done throughout my career, and largely with the French market. I’m desperate to go and start a new life out there after a tough few years with an unexpected divorce and some serious health issues.
I’d be hugely grateful for any tips you may have as to how best I go about securing some finance. I’ve got an excellent credit rating etc.
Merci d’avance !
As per our messages over whatsapp a few evenings ago, it's not something I can help with directly as the property is outside of the UK.I’m looking to purchase a house in France for a price in the region of £85k, with a view to relocating out there full time in a few years’ time, after continuing to work in the UK to pay off as much of the debt as fast as possible, as I earn well here.
I’ve found a house which ticks all the boxes and I’m heading out mid-October on a reccy and to view this property (assuming not sold) and whatever else is available within my budget/location which fits the bill.
I’ve got £20k or so in savings already, however French mortgage lenders currently stipulate a minimum lending amount of €250k (if not a resident or working in France) and, after speaking with Sarnie on here (who was super helpful!), because I am a FTB I can’t borrow against anything in the UK either, certainly not a mortgage product anyway.
My only option appears to be a personal loan which will inevitably cost a lot due to high interest rates (I’ve seen examples of 9.9%), and I can’t borrow from friends and family.
I’m part French and have genuinely had enough of living and working in the UK. I speak the language fluently and intend to work (subject to me securing a French passport or suitable visa) in property and tourism, which I have done throughout my career, and largely with the French market. I’m desperate to go and start a new life out there after a tough few years with an unexpected divorce and some serious health issues.
I’d be hugely grateful for any tips you may have as to how best I go about securing some finance. I’ve got an excellent credit rating etc.
Merci d’avance !
Edited by 2HFL on Thursday 14th September 20:02
After that I've actually been dealing with a similar enquiry and an industry colleague has refered me to company that may be able to help you, send me an email with your contact details and I'll put you in touch with them
Amateurish said:
What's your proposed route to a French passport? I only ask because the current waiting time for citizenship is absolutely massive. I was speaking to someone last week who put in their application back in 2017 and they are still waiting.
I am booked to speak with an immigration lawyer next week, as they will advise if I can potentially obtain a EU passport either because of my grandmother, who was French, or my Mum who is Swedish. I accept it’s a very long shot, and those current delays sound very painful…OoopsVoss said:
2HFL said:
Thanks, I’ll take a look at this over the weekend.
I think Sarnie, who posted has options is a good bet. But great you are within a hair breadth of a life goal.Edited by OoopsVoss on Friday 15th September 20:10
2HFL said:
No assets which I can borrow against (to my knowledge anyway) and I have no children, so my god daughter and five nieces/nephews (plus a big % to a mental health charity) are the beneficiaries of whatever estate I leave behind.
Investment assets, shares/collectives/Investment Bonds etc can be used for finance collateral with the right provide for example.ellroy said:
2HFL said:
No assets which I can borrow against (to my knowledge anyway) and I have no children, so my god daughter and five nieces/nephews (plus a big % to a mental health charity) are the beneficiaries of whatever estate I leave behind.
Investment assets, shares/collectives/Investment Bonds etc can be used for finance collateral with the right provide for example.
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