www.investyz.com P R O P E R T Y
D E T A I L S
Price apartment incl VAT
Price apartment excluding VAT
PURCHASE PRICE Notary fees
Personal contribution excl fees desired Deposit
Max loan duration
Months of deferment required
P U R C H A S E
473 € per month
T I M E L I N E Now
Mortgage type Repayment: 10 year cap + 1.5% Interest only: Variable
On acceptance of loan offer
period for construction
Signature of deed of sale
once full rental income starts
Ongoing +/on a monthly basis
Life assurance payment
* Please refer to page 2 for mortgage related notes.
MORTGAGE DETAILS Mortgage amount Estimated interest rate
Repayment: 10 year cap + 1.5%
Interest only: Variable
Rate capped +1.5% for 10 years
Euribor 3 months + 2.55%
Mortgage description Capital repayment mortgage with a maximum duration of 30 years. Rate is capped +1.5% for a period of 10 years and then becomes variable applying the margin between the initial rate and the 3 month Euribor. If rates go up the monthly mortgage payment does not change. Instead the duration of the mortgage can be extended by up to 5 years to cover the increase. Once this
Interest only mortgage with a maximum duration of 20 years. Deferment of the mortgage
instalments but not assurance premiums, is possible for up to 24 months, deferred interest isincrease in duration is no longer sufficient, the monthly payments will then be increased, but by added to the outstanding capital. No early repayment penalties providing the rate is no more that the rate of French inflation per year. Deferment of the mortgage instalments but not variable.You will require 120% of the loan amount in net assets/equity to apply for this loan. assurance premiums, is possible for up to 24 months, deferred interest is added to the This simulation assumes that the borrower takes/has an external life assurance policy. Final outstanding capital. No early repayment penalties as long as the rate remains variable. This terms of the contract will be found in the loan offer from the French bank. simulation assumes that the borrower takes/has an external life assurance policy. Max age for full 30 year duration 45. Final terms of the contract will be found in the loan offer from the French bank.
Important notes - Medical exams may be required for any life assurance cover and the results may alter the premium. Mortgage rates can only be secured with a full application and supporting documentation - The estimated +/- monthly balance assumes you receive your rental income monthly not quarterly or annually. Please verify the payment frequency of your rental income. - In choosing a variable rate mortgage clients expose themselves to fluctuations in the index rate (Euribor) which may lead to increased or reduced monthly mortgage payments. - E.g. with a mortgage of 100,000€ the monthly payment on an interest only basis would be 250€ with a 3% rate and 500€ with a 6% rate. On a standard 20 year repayment mortgage the payment at 3% would be 554€ and 716€ at 6% - The figures indicated in this simulation are for informational, illustrative purposes only and in no way are intended to represent a contract or advice. The sole contract will be with a French bank the terms of which are final. - All figures in these simulations are estimates based on the current market rates and therefore can change at any time. Please ensure you understand how your selected mortgage functions and how your loan payments may evolve. - Your French property is at risk if you do not keep up your payments for your mortgage or other loans secured on it. Our fees payable by you on acceptance of any mortgage offer procured for you by Athena Mortgages Ltd.
SUPPORTING DOCUMENTATION PERSONAL DETAILS • Copy of all borrowers’ passports • Copy of marriage certificate if applicable • Copy of divorce agreement if applicable • Proof of home address (utility bill, council tax, etc)
PROPERTY DETAILS • Copy of signed reservation contract or sale agreement
FINANCIAL DETAILS • Last 3 months bank statements, for each borrower, for ALL accounts including covering summary page • Proof of any extra income. You will need to provide tax returns showing rental income, pensions and dividends. • If you are not a home owner you must provide your rental agreement and proof of the rent you pay • If you pay council tax, please provide the statement or invoice. • Proof of the origin of your personal contribution (savings account, bonds etc) • Statements for all loans and mortgages
EMPLOYMENT DETAILS & DOCUMENTATION (If selfemployed, please provide documents below instead) • Last 3 months pay slips • Last 2 P60’s or tax returns
SELFEMPLOYED DOCUMENTATION • The last 3 years accounts for the company • Last 2 years personal tax returns • Certified accountant’s letter stating income for last 2 years
APPLICATION FORMS • Mortgage application form • Life insurance questionnaire (may be sent to you by post at a later date) • French bank account application form (sent later as required) The mortgage application will be treated quickly and easily if you can provide all of the above. You may delay your application considerably if you do not provide these documents in a single pack. Banks may ask for extra documents, but the above list is comprehensive for the majority of applications.
Published on Mar 29, 2011
Published on Mar 29, 2011
Investyz provides French property investments with 100% financing of the purchase price from the most reputable banks. Highly competitive ra...