French property and UK advice

searcher30

does anyone know if you buy a property outright in france does any bank such as barclays (who have offices abroad) loan you money based on a french property to enable to help you buy back in the UK for example. just a thought. any ideas appreciated. thanks in advance.

Ian_W

Erm, not quite sure my head's around this?! Maybe I've taken too many of my thickness pills to-day but if you can afford to buy a french property outright - why not just use that money to buy a UK property or at least put down a sizeable deposit on one?

Anyway never mind if you can't explain, came across this the other day which may be of interest:
https://www.lloydstsb-offshore.com/International/Mortgages

But I still don't understand the plan. :think:

martyn4764

As I'm sure you know, Searcher30, French mortgages are based on ability ro repay rather than 'value' of the property.

As Ian says, surely the sensible thing is to sell up and use the proceeds towards a UK property?

pigeonpie

Is what you want to do - use an existing french property that has no mortgage on it as collateral to get a mortgage in the UK?

Interest rates are lower there but mortgages in the UK are easier to get than in France where your whole health history could mean no mortgage - bank says yes, only for insurance cos to veto it. So if taking out a french mortgage is not an option for you, nor is selling your french property, you have to get a UK mortgage to buy here.....have you asked Barclays? I would have thought to get your french property valued would be step 1.
You'd also need some tax advice in both countries or ouch - which one is your principal residence, inheritance tax etc.

josie

Related question, but not the same thing - we're buying a property in France and I want to pick someone's brains about their inheritance law.

My husband has 2 grown up kids from his 1st marriage and if we buy the property together and he dies first then his kids get 2 thirds of it and can force me to sell.

We're read about the "en tontine" clause, but does anyone know if that is the best route to mean they can't claim the house, or is it better just to buy solely in my name (as I don't have kids) then it would go 3/4 to him and 1/3 to my Dad?

martyn4764

Josie,

I think the tontine cluse is pretty worthless these days as house prices have increased; best bet is to make sure your marriage is recorded as 'communaute universel avec donation entre epoux'. Talk to the Notaire about it.

(Disinheriting your husband's kids entirely, however, is pretty much impossible).

If you buy in your name only your hubby would be hit with full inheritance taxes on your death (about 60%, isn't it?)