Buying mortgages in France during the economic downturn
A new study has revealed how people planning to buy mortgages in France for rental or to begin new lives in the country are faring as the economic downturn affects all parts of Europe and the world.
Perhaps surprisingly, more than three quarters of people surveyed who had plans to move to France have been unaffected – plans have still moved ahead and no-one in that group had to abandon their dream to own a French property.
The survey also showed that 77 per cent of expats were contented and happy in their new France-based lives, although some 60 per cent said they were feeling the impact of the recessionary times.
Thinking about mortgages in France
Most of those who were preparing to buy French mortgages said neither the UK housing market was impacting their planning nor was stricter mortgage lending criteria affecting them. And a total of 77 per cent said the weak pound was not a hindrance.
Of those surveyed, only 20 per cent have budgeted to buy a property in France for €350,000 and over. About 42 per cent are budgeting for homes up to €150,000.
Most are planning to find and renovate an old house (49 per cent) while another large portion (39 per cent) are planning to buy any type of home to renovate. Only 15 per cent plan to buy new-build properties.
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