Bastille Day Boon for Borrowers as Athena Mortgages Offers Most Competitive French Mortgage Yet

To celebrate Bastille Day, Athena Mortgages, a London and Dublin-based independent French mortgage broker, is offering what it considers to be the most competitive and flexible French mortgage product yet.

Available at an LTV of 99% on new build leaseback developments and 85% on standard properties, the initial rate is fixed at 2.85% for three months after which it reverts to Euribor + 2.45% for the remainder of the term (with a current pay rate of 3.45%).

Crucially, though, if Euribor rises, payments are capped at the rate of French inflation and the difference is added to the loan amount, the term of the mortgage being extended by up to five years rather than repayments increased.

The mortgage has a maximum term of 30 years and there are no early repayment charges. There is a 24-month deferment period on repayments and it is also available for refinance and equity release purposes.

John Luke Busby, director, Athena Mortgages, comments:

“Taken as a whole, this is easily the most competitive and flexible French mortgage product we have been able to offer. Not only are repayments capped at the level of French inflation, which provides important peace of mind ratewise, but they are further hedged by an automatic mechanism that extends the mortgage term by up to five years. Given that most clients tend to sell within the term of the mortgage anyway, the added interest payable over the full term of the mortgage becomes immaterial. Also, in the case of French leasebacks, as the owners usually have an index-linked rental income, any monthly shortfall will stay more or less the same. This product has been launched at a time when the French property market is being stimulated by a range of favourable Sarkozy-led tax incentives and we expect it to be very popular with clients.”

About Athena Mortgages
Based out of London and Dublin, Athena Mortgages is a close knit, multi-lingual independent French mortgage broker with over 20 years’ experience in the French property market.

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