French mortgage - advice please

NoviceA2Z

I have a property in France which has a relatively small mortgage (50k) on it. Can anyone advise if I should pay it off if I can get a Buy to let mortgage on an inherited property in the Uk. Currently the rent from the UK property pays the French mortgage but with fluctuating euros and changes in my circumstances- retired on health grounds so fixed and limited income I wonder what is best

Ideal would be to sell the french house but the property market is as depressed there as it is here. Any constructive advice would be welcome Thanks in advance and help!!!!!

My username says it all - Novice from A to Z in all financial matters

Conrad

You don't say what your underlying motivation is, but reading between the lines you appear to what to repay the French mortgage so I can only assume your motivation to do this is that you feel the interest rate is high?

So I think you are then asking can you get a mortgage on a UK inherited property? But then you don't say if you have moved into it, or whether it is a barn, a flat or a mansion, so again a lot of guess work for us here.

IF it is let out you can obtain a buy to let mortgage subject to you meeting various criteria and which will also be dependant on your age and income.

Maybe set out firstly what is your motivation, your aim so we can understand the context of your post.

Cheers

apn70

The advantage to getting BTL mortgage on the property in the UK, you can offset the mortgage interest you pay against the income for tax purposes.

Thrugelmir

apn70 wrote: »

The advantage to getting BTL mortgage on the property in the UK, you can offset the mortgage interest you pay against the income for tax purposes.

The purpose of the funds is critical. Simply remortgaging a rental property does not equate to interest being tax deductible.

Any questions in this regard consult the HMRC website. As will be an expensive mistake if you get it wring.

NoviceA2Z

thanks for the replies.
As was suggested my motivation is to reduce mortgage payments as French rate is highi-sh.
Property is a flat which is rented out. As I am nearly 60yrs young will I be eligible for a BTL mortgage when income is only limited private pension
thanks again for any and all help