Low remortgaging rates for overseas property
Friday, February 13, 2009 @ 9:53 PM
Following the recent economic downturn many French property owners are looking to free some cash they have locked within those properties...
Remortgaging is the option some have taken to release cash to inject into their UK properties, bringing down their loan-to-value ratios, especially if they’re hoping to switch to a new mortgage deal. Within the market selected financial companies are now offering rates from around 3% on French properties.
Others may simply want to switch their overseas mortgage to a significantly cheaper rate and benefit from lower monthly repayments.
Another benefit of remortgaging an overseas property is that it’s possible to reduce your inheritance tax liability. In certain countries (subject to local tax legislation) such as France and Spain, it may reduce your liability as there is a debt/bigger debt on the property.