* Are you a Captain, Engineer, Stew or a Crew Member on a Superyacht looking for a French Mortgage?

* No Income Tax Returns? But a stable income within the yachting industry?

* Working on a Superyacht and looking to purchase a family home, apartment or an investment property in the South of France?

3.25% repayment loan, minimum 30% deposit

French Mortgage Xpress has assisted many clients within the yachting industry to purchase properties in France. Knowing some of the difficulties that a ‘non-tax status’ can bring, French Mortgage Xpress are perfectly placed to offer you a bespoke product designed specifically for people working within the yachting industry and looking for a French Mortgage.

Loan Characteristics

Minimum Loan Amount: €100,000  Maximum €1,000,000
Minimum Down-Payment: 30% of Purchase Price
Interest Rate: 3.25%
Term: max 20 years
Debt Ratio: The loan must not be more than 1/3 of your monthly income
Life Assurance: is mandatory
Bank Account: You keep your existing bank account
Loan Repayment:No penalty for repayment at any time.
Product Change:You can change to a fixed rate at any time

Documents Required:

• A photocopy of each borrower’s passport.
• A photocopy of each borrower’s birth certificate.
• Photocopy of marriage certificate if applicable.
• A letter from your captain or management company specifying your position, length of service, and monthly income. If you have been there less than 2 years please also provide a copy of   your previous work contract .
• Justification of your personal contribution (proof of down-payment) e.g. bank account statement, building society statement showing you have the funds for down-payment,
• Photocopies of the last 6 consecutive monthly bank statements showing income, loans, mortgages & regular outgoings. If you have more than one bank account please indicate clearly where your salary is deposited each month.
• Details of any existing loans and mortgages (schedule of repayment),
• A copy of your “Compromis de Vente” or Reservation Contract of the property you intend to buy.
• Signed completed application form and health questionnaire.

Yachtie Mortgage Example:

Purchase price: 500.000€
Down payment: 150.000€
Loan amount: 350.000€
Rate: 3.25%
Term: 20 years
Monthly payment: 1.986€ + insurance

This mortgage is a variable rate mortgage, based on a margin of 1,30% above the 3 month EURIBOR index for a duration of 20 years
The current rate for 20 years is 2,9%

Your monthly repayment is fixed for 12 months and revised annually.

The advantage of this mortgage is that if the interest rates rise considerably, the monthly repayment will never increase more than the rate of inflation; therefore, you maintain constant repayments in relation to inflation throughout the term of the loan. The term of your loan will increase or decrease according to the interest rate applicable (with a maximum of 5 years more for a loan of 20 years
For an example: for an amount borrowed of 350 000 € and a duration of 20 years, the monthly repayment will be 1985 €/month + insurance.
The inflation last year was 1,7%. If we keep the same inflation and if the rate increase, your monthly repayment will be capped at 1985 € and the duration could stay the same or could be changed (if the variation of the rate is important).

This yachtie mortgage offers the possibility :
- to make a total repayment without penalty at any repayment date.
- to change to a fixed rate at any repayment date.
- to modulate the amount of your monthly repayment according your budget
- to transfer the loan to a new purchase

LOAN APPROVAL WITHIN SEVEN WORKING DAYS

Property ownership in France

The good news for buyers of Investment Property in France is that there is an abundance of property all over the South of France; a restored Mas, stylish new builds, a pieds-a terre, family villas or even winter sports apartments. Capital appreciation is good and rental yields are strong. The Cote d’Azur is second only to Paris in price, but you don’t need a fortune to buy. A good rental yield from an investment property can be achieved with so many tourists and the enormous quantity of conferences throughout the year especially in Cannes. This makes the South of France an excellent choice for your Overseas Property Investment.

For second home owners in the South of France and property investors – 2012 is the perfect opportunity to buy into some of the most desirable towns and cities such as Cannes, Nice and Antibes on the Cote d’Azur. The French banks have not suffered like their UK counterparts, meaning they are more inclined to lend to the foreign Property Investor who might not have considered France before. Coupled with some extremely attractive loan rates, France is fast becoming an astute investment for UK and foreign property investors.

Interst Only Hybrid

Terms:

• 3.6% Fixed 1st 5 years
• 80% Loan to Value (20% deposit required)
• Loan period: 8-20 years
• Primary, secondary residents/holiday home or investment property, home improvements

With the Interest-only mortgage there are additional benefits to give you extra flexibility:
- You can include payments of the principal to your interest-only payments anytime you want and for as long as you want.
- You can make early repayments towards the principal with no penalty, either partially or totally.