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December 22, 2011

A very Merry Christmas and Happy New Year to you from all of us at Latitudes.

December 20, 2011

STATE OF THE FRENCH MORTGAGE MARKET

Whilst in many areas of the world banks are experiencing difficulty in meeting the requirements of potential lenders as a result of the tightening money markets in response to the so called “liquidity crisis” the French banks have not at this time had to pull back there lending as far as first feared.

Loan to value

The maximum loan to value available today is 85-80% of the purchase price inclusive of estate agents fee excluding notary fees (PP&A).

The loan size is subject to valuation of the property to ensure it offers adequate security.

Interest rates

At the highest end of the loan to value 85% of PP&A the interest rates on offer are considerably higher than those at 80% of PP&A.

Typical variable            Typical fixed

85%     4.20%  (APR 4.8%)     4.55% (APR 5.1%)

80%     3.10%  (APR 3.40)      3.60% (APR 3.90%)*

A very slight improvement in rates is possible at lower loan to values.

Products

The payment option range in France is considerably more basic than that on offer in the UK. The products on offer are either pure repayment or interest only; occasionally a product can be arrange to start as an interest only becoming repayment after a pre agreed period (i.e. 5 years interest only followed by 15 years of repayment).

The interest rate calculation is again quite simplistic rates are either variable through out or fixed for periods of 3, 5, 7 years up to a maximum of the term of the borrowing.

Arrangement fee(s)

Arrangements fees are usually 1% of the mortgage raised, individual banks may apply a cap of 900 – 1500 €.

Life assurance

Life assurance remains compulsory with the majority of French banks.

Notes to the state of the mortgage market.

  • This figure is an assessment of the total cost of borrowing and includes the provision for the interest, life assurance, bank arrangement fee and notaries fee for registering the mortgage.
  • Your French home is at risk if you do not keep up repayments on a mortgage or other loan secured on it

The sterling equivalent of your liability under a foreign currency mortgage may be increased by exchange rate movements.

For a personalised mortgage illustration:  http://www.charleshamer.co.uk/calculator.aspx

December 16, 2011

Notaires – Conveyancing of properties in France

Both the seller and buyer may choose their own notaire or they may choose to  use the same notaire. The choice is theirs.

If two notaires are instructed, the notary’s fees are paid by the purchaser and are shared between the seller’s notaire  and the buyer’s notaire’s

 

December 14, 2011

Traditional Christmas Eve in France:

Traditional food: Oysters and snails for starters, goose or some type of roasted bird for main course and Christmas log for dessert. Champagne and wine. Bon appetit!

£ Sterling getting stronger

Sterling Euro is trading up at around 1.19- a 10 month high. If you are thinking of purchasing a property in France it may be the right time to purchase your currency now.

http://www.latitudes.co.uk/french_currency_fx_traders.php

December 13, 2011

Christmas markets in France – The end of the road.

Var: St Raphael: From Saturday 10th December to Monday 2nd January 2012

Vaucluse: Avignon: From Sunday 27th November to Monday 2nd January 2012

Vendee: in different market towns including Fontenay le Comte on different day: From Tuesday 13th December to Saturday 24th December

Vienne: Poitiers: From Friday 2nd December to Sunday 1st January 2012

Haute Vienne: Limoges: From Friday 16th December to Saturday 24th December

Vosges: Epinal: From Friday 25th November to Saturday 31st December

Yonne: Auxerre: From Saturday 17th December to Saturday 24th December

Haut de Seine: La Defence- Paris: From Wednesday 23rd November to Tuesday 27th December

Val de Marne: Creteil: from Wednesday 14th December to Sunday 25th December

 However if you are not going to France before Christmas, you can visit the French Christmas market in Watford (Hertfordshire) from the 15th to 18th December…

£ against € is doing well

The £ sterling has leapt to its highest level since March 2011. Its rate this morning was over 1.18

December 12, 2011

French Christmas Markets: Christmas 2011

Haute Saone: Lure: From Saturday 3rd December to Thursday 22nd December

Saone et Loire: La Clayette: From Friday 16th December to Friday 23rd December

Sarthe: Souille and Vivoin: Saturday 17th December

Savoie: Chambery: From Friday 2nd December to Saturday 24th December

Haute Savoie: Annecy: From Thursday 1st December to Friday 20th December

Paris: Champs Elysees: Saturday 19th November 2011 to Monday 2nd January 2012

Seine Maritime: Le Havre: From Friday 9th December to Saturday 24th December

Seine et Marne: Sablonnieres: From Saturday 17th December to Saturday 31st December (only on Saturdays & Sundays)

Yvelines: Poissy: From Friday 2nd December to Sunday 25th December

Deux Sevres: in different market towns including Chef Boutonne on different dates: From Friday 16ht December to Wednesday 28th December

Somme: Amiens: From Friday 25th November to Saturday 31st December

Tarn: Castres: From Friday 9th December to Sunday 25th December

Tarn et Garonne: in different market towns including Moissac on different dates: From Tuesday 13th December to Friday 23rd December

December 8, 2011

Winter Wonderland

40cms of snow in Les Arcs 1800 today… beautiful white now…

Les Arcs resorts are opening the weekend of the 17th December however Les Arcs 1950 might open this weekend… Ski season begins…

More Christmas markets in France

Pas de Calais: Arras: From Friday 25th November to Saturday 24th December

Puy de Dome: Clermont Ferrand: From Saturday 3rd December to Friday 30th December

Pyrenees Atlantiques: Bayonne: From Thursday 1st December to Friday 30th December

Hautes Pyrenees: Tarbes: From Saturday 26th November to Sunday 1st January 2012

Pyrenees Orientales: Different villages including Collioure on different dates: From Thursday 8th December to Sunday 18th December

Bas Rhin: Strasbourg: From Saturday 26th November to Saturday 31st December

Haut Rhin: Mulhouse: From Thursday 24th November to Thursday 29th December

Rhone: Lyon: From Friday 25th November to Saturday 24th December

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