Looking to purchase a French holiday home and need advice.

F

FrankieZola

New Member
Messages
1
Hi, I’m looking to purchase a French holiday home probably in the region of 150k. I see French banks will not lend unless the mortgage is 250k.
I have a certain deposit but not the full amount. Has anyone else had this issue and is there a loan that can be taken out in Ireland to purchase ?.
 
Hi, I'm not in a postion to specically answer your question concerning a mortgage as we released equity on an investment property in Ireland so were cash buyers in France (2007/2008). However, one important lesson we are now aware of is that as a purchaser (you pay the immoblier fees @ ~7%, so that could be an approximate agency fee that you have to pay of €10K.), there are more cost effective ways to purchase a property in France.

We since sold that property in France, but in all likelyhood, will purhcase again, we will not simply walk up to an agency niaively in order to purchase a property. Consider purchasing directly from a Notaire (not an Immoblier) where the fees will be approximately 50% of those charged by an Immoblier), or better yet, direct from a seller.

Finally, I cannot over-stress the importance of having all key surveys performed including seismic and earthquake (yes, really, especially in the south of France). Also Flood zone reports are very improtant if purchasing an individual plot.

Good luck with your purchase.
 
Some good advice above, but personally, having bought in France and had various issues for over 15 years, I'd strongly recommend simply not buying there...

The French are painful to deal with, from beginning to end.

You can have a lot of very good holidays in France, without being tied to one location, being taxed and charged for the most rediculous of things, and retain your sanity too, if you dont buy there.
 
I’ve had a few properties in France. We had no problem getting a small mortgage some years ago. But we had an existing relationship with a bank there.

Call one of the major banks, such as Britline, and sound them out.

You might find an Irish bank ready to lend on a foreign property but as it’s higher risk for them I’d say it would be expensive.
 
Annieindublin said:
You might find an Irish bank ready to lend on a foreign property but as it’s higher risk for them I’d say it would be expensive.
Click to expand...

Not a chance.... The last thing Irish Banks will want to take security over, is a small French residential property.
 
We did this in the early 2000's. It was an absolute nightmare. Never again. Bought a nice apartment, a million hoops to jump through, lots of paper, tons of forms. Surveys, then tax de habitation, water, power, management charge etc. In the end we sold it. What a relief. I love France and when my kids are left home we would definitely like to stay there for a while but we would do a long term AirBnB or house swap, low cost, no paperwork and no repairs.
 
Apart if you are looking at rural areas or very small properties in touristic or coastal areas, €150k will get you very little (though property prices are currently decreasing). I would share the opinion of many here. Except if you want to spend really extensive period in France, costs would accumulate quickly. Despite very strong links to France and the cash to buy without a mortgage, I think that it is easier and cheaper just to pay for accommodation when needed. I am in the middle of 6 weeks there and this will probably costs me less than the basic utilities and taxes would be for a year. I don't say that I will never change my mind, particularly in retirement but as I said I have very strong links to the country and that would be more than a holiday home.
 
We often think about it too. It would not necessarily be a making money thing. We just love France and would love to spend more time there and would love to have somewhere our kids could go as young adults and even with their own kids someday. I think we could use a holiday home to do house swaps as well to access other locations. Remote working has made it a possibility to spend several weeks a year there and we would also have family and friends stay too if we bought somewhere. And I could 100% see myself spending my retired days somewhere warm!

I am certain that the paperwork is painful and the costs are there but I guess it's like anything, if you get utility from it and can afford it then why not.
 
Try Britline, their English speaking helpline is good. borrowing from a French bank might be easier. They had no problem lending to us.
French houses but Irish resident.
 
Likewise I am a real Francophile. Speak the language reasonably well and love the culture. Travel there quite a lot. Always had the dream of buying a place in the South. UNTILL.

On a flight back from Nice about ten years ago I was sat beside a Limerick man who basically outpoured over the two and a half hour flight all of the reasons not to buy a holiday home abroad. Most of the reasons are outlined in this post. AC in the summer. Heating in the winter. Pool to be managed.

I made the decision to rent. We do when we go and je ne regrette rien.

God, I feel like a French version of @Leper
 
You must log in or register to reply here.
Back
Top