Buying house in U.K., French bank
Discussion
Anybody done this? I’d like to buy the family home here and will be getting a mortgage with my French bank (because I live and work here) but the solicitors in the U.K. are saying because the BNP is not on their « lending panel » they won’t work with me.
I’m not even sure I could get a mortgage with a UK bank and anyway I wouldn’t want to pay commission on monthly payments.
Anybody have an idea how to get out of this stale mate?
I’m not even sure I could get a mortgage with a UK bank and anyway I wouldn’t want to pay commission on monthly payments.
Anybody have an idea how to get out of this stale mate?
Edited by Driller on Friday 25th June 18:13
Last year, I wanted to raise a mortgage for a Spanish property against my UK home. I spoke with Sarnie who advises on PH in the Finance section, but he advised that as I am French resident for tax, there was no chance in the UK. The Brexit effect.
Oddly BNP will lend against my home here to buy there, so all was not lost.
Oddly BNP will lend against my home here to buy there, so all was not lost.
rdjohn said:
Last year, I wanted to raise a mortgage for a Spanish property against my UK home. I spoke with Sarnie who advises on PH in the Finance section, but he advised that as I am French resident for tax, there was no chance in the UK. The Brexit effect.
Oddly BNP will lend against my home here to buy there, so all was not lost.
That's interesting.Oddly BNP will lend against my home here to buy there, so all was not lost.
I thought French law was that you can't have your principal residence seized from you on payment failure on any debt.
Therefore banks won't let you borrow against the property, but on proof of income only.
Is it because your place is part business Roger?
When we built here, we had what i considered to be a mortgage from CA as a charge was made on the house so we could not sell without them getting their slice, but I suppose that, in reality, they are relying heavily on you having a supporting income.
Our incomes from pensions and investments are still good. The problem in Spain is that they will not offer a mortgage once you are 70, which, sadly, we both now are.
France cannot discriminate on grounds of age, so BNP seem to be reasonably happy, but they will take a charge to make sure they receive outstanding monies, when we sell up here..
With regards to this thread, the really annoying thing is that, post Brexit, it is almost impossible to have most of your income derived in the UK, but because you are resident in France for more than 183-days per year, no lawyer, banker or investment house wants to speak to you. I have never spent more than 7-months in France since 2005, until Covid. Its very frustrating as Driller is finding out.
Our incomes from pensions and investments are still good. The problem in Spain is that they will not offer a mortgage once you are 70, which, sadly, we both now are.
France cannot discriminate on grounds of age, so BNP seem to be reasonably happy, but they will take a charge to make sure they receive outstanding monies, when we sell up here..
With regards to this thread, the really annoying thing is that, post Brexit, it is almost impossible to have most of your income derived in the UK, but because you are resident in France for more than 183-days per year, no lawyer, banker or investment house wants to speak to you. I have never spent more than 7-months in France since 2005, until Covid. Its very frustrating as Driller is finding out.
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