Record low mortgage rates in France to make more overseas buyers to contact the banks to refinance their debts to France, - informs an international mortgage broker . And though now the possibility of refinancing loans are used mainly French and English, the desire of Russian borrowers to refinance existing loans in France is becoming more pronounced.
According to Lowell Finance in the 3 rd quarter of 2010, every 5-th request among our clients for lending France has to refinance the existing loan. Thus, those clients who already have accommodation in France, are going to refinance its debt on the new conditions. Particularly relevant refinancing opportunities for those who acquired the property in 2006-2008, when loan rates were at 2,0 - 3,0% above the current. In October 2010, loan rates dropped to the level of the late 1940's, and now a fixed rate loan for 25 years is about 3.6%, to 15 years, about 3.2%, and a floating rate to 25 year loan of about 2,6%. The size of the possible loan of up to 80% of the appraised value of the property.
The company noted an increasing interest in refinancing mortgage loans by the Russians. "In the third quarter, we increased the number of major transactions involving Russian borrowers on real estate lending in France, including the refinancing of earlier loans. Returned to customers in the sector deals worth more than EUR 5 million and more than 15 million euro ", - says Kirill Dolginskaya, Managing Director, Lowell Finance in the company are convinced that the growing number of applications to refinance mortgages in France among borrowers from Russia will increase by 4 quarter of 2010 and 1 half of 2011 and could double as compared to current rates. In this case, Lowell Finance experts say that for borrowers in Russia and CIS credit conditions somewhat more stringent than those available to EU citizens.
