# Want to buy cheap property in France quickly



## philthompson23

Hi all,

May situation is this:

a property has come up for sale next to my wife’s mother for a very cheap price,€110,000 - 5 bedroom, immaculate. It’s actually her aunties house. I don’t have 110,00 floating about but I have around 250ks worth of equity in my house. Of course I could sell my house in the uk and buy it cash but we need to move fast. What’s the best solution?


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## TomMM

How much available cash do you have? I have no idea how things work in France but here in the US I’d try to work out a deal with the owner giving them a deposit while working to obtain the required funds.


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## Clic Clac

Rent, with an option to buy at the stated
price ? 
But are you sure it's 'cheap' and not just the going rate for that area ? 
Is it somewhere you want to live, or is it just a cheap house that you'll soon get fed up
with ? 
Ours was cheap, but I got them down to 20k.

On the UK side you might be able to remortgage and take 100k out, depending on the %" involved.


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## Peasant

philthompson23 said:


> Hi all,
> 
> May situation is this:
> 
> a property has come up for sale next to my wife’s mother for a very cheap price,€110,000 - 5 bedroom, immaculate. It’s actually her aunties house. I don’t have 110,00 floating about but I have around 250ks worth of equity in my house. Of course I could sell my house in the uk and buy it cash but we need to move fast. What’s the best solution?


Get a loan.


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## BackinFrance

You won't get a mortgage in France because of the Banque de 'France's Taux d'usure sur l' immobilier though perhaps you could get a mortgage in the UK against your UK home, or maybe rent the house with the option to buy. If rent it you would automatically have preference to purchase it.


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## RayRay

philthompson23 said:


> Hi all, My situation is this: a property has come up for sale next to my wife’s mother for a very cheap price,€110,000 - 5 bedroom, immaculate. It’s actually her aunties house. I don’t have 110,00 floating about but I have around 250ks worth of equity in my house...


When we fell in love with a house for sale in France, we spoke with our US banker. She said US banks don't loan on foreign properties. However, she suggested that we take a line of credit from the bank against the equity we had in our house in the States (which was only a few thousand from being mortgage free). We did, and we bought the house in France. 

Three years later, we decided to move permanently. We sold our house in the US, paid off the line of credit from the proceeds, and owned a house in France free and clear / no mortgage. 

I don't know if lines of credit against home equity exist in the UK. If they do, they can provide access to the kind of funds you need. Ours took less than a week to set up. 

Best of luck.

Ray


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## MoonlitKnight

Seems everyone is suggesting exactly what I am doing: I'm taking out a loan against the equity in my house to pay cash for the France house. This allows me time to get residence visa sorted, movers lined up, house ready to sell at my leisure (hopefully soon before the market bubble bursts again 🤞) I couldn't find any way to get a mortgage for the France house.


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## philthompson23

Nice, does this mean your monthly mortgage payments are through the roof before you manage to sell?


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## MoonlitKnight

Well, "through the roof" is all relative, n'est ce pas? 
For me, it's still affordable, but, yes, it does increase my monthly mortgage payment by about 50%
YMMV depending on how much you borrow, your interest rate, and the length of the term of the loan - mine is 15 years


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