French property mortgages in times of recession
Payments on French property mortgages for Britons with homes in France are likely to becoming more difficult as the global economic downturn impacts anyone and everyone.
With property markets across the world in a severe slump, exchange rates causing problems, redundancies spiralling and salaries being cut, then it is a fact that nervous banks may call time on house loans.
To avoid the spectre of repossession, it is important to acknowledge the responsibility of best handling any issues with mortgage repayments during the recession.
Are you already facing problems paying the mortgage? Is a long-term shortfall looking inevitable? Your first course of action must be to contact the lender who supplied your mortgage for France.
It would be foolhardy in the extreme in such circumstances to act like an ostrich and bury your head in the sand.
Review all mortgage-related correspondence you maybe receiving – and then pick up the telephone. Start a one-to-one conversation with a person who could help.
Ensure you keep contemporaneous written records, note down all that is spoken about and agreed. Follow up with letters that confirm discussions. Keep notes of people spoken with, and dates and times of conversations.
Aim to raise and discuss effective actions that could provide solutions. These might include repayment holidays, paying interest payments only, increasing the mortgage term to reduce monthly repayments, or even suspending payments for a defined amount of time.
Paying your French property mortgage
Perhaps a remortgage is a possibility during tough financial times. Whatever your personal circumstances, why not give Conti a call to discuss mortgage issues during the global financial crisis?
As the UK’s leading overseas mortgage specialists, we have a team of advisers available at the end of a phone who could help you.
So if you’re examining French property mortgage options, simply complete our online enquiry form and we’ll call you back at a convenient time. Alternatively, just pick up the phone now and call a Conti adviser on 01273 77 28 11.