Those wishing to buy a property in France are being offered the chance to repay their mortgage over a more favourable period, under a new scheme offered by leading overseas mortgage specialists Conti Financial Services.
Hove-based CFS can arrange lending of up to 85% of the value of the property over a period of up to 25 years. The new scheme increases the existing repayment period by five years and further brings it in line with the majority of other European countries.
Simon Conn, senior partner of CFS, says: “The interest in French property shows little sign of slowing. The market continues to be strong across a widespread portfolio from humble gites in the north to million pound chateaux in the south.
“France is often seen as a barometer for the whole of the European market, and with rates that start from 3.7%, there certainly seems to be little dissipation in the appeal of buying across the Continent.
“We see this increase in mortgage term as an indication of a relaxation in France's stringent lending conditions, which can only make the purchasing in this popular country even more desirable.”
CFS has also announced a new scheme that allows purchasers to take out an 80% mortgage over a period up to 25 years on properties in Italy.
This repayment-only scheme enhances the existing mortgage rate by 5% and the time period by five years, making the possibility of owning a home in the sun-baked fields of Tuscany or a flat in bustling cosmopolitan Roma an even more attractive alternative for winter-worn UK property buyers.
Simon Conn says: “Although Italian lenders do not take into account proposed property rental income for mortgage purposes, these enhanced mortgage terms make buying property a more affordable possibility and can only make buying your ideal property in Italy even more achievable.”