The advantages of a variable-rate repayment mortgage

With Evoluto/Accessis, GE Money Bank’s variable-rate repayment mortgage, you will benefit from the best option to mix secured monthly payments with flexibility.

Benefits of a variable-rate repayment mortgage

- Combine opportunities of both low rates and secured monthly payments.
- Maximise investment ability to buy a bigger home.
- Reimburse your loan with no prepayment penalty when you sell your home, as long as you stay with a variable mortgage rate.
- Switch to permanent fixed-rate mortgage at any time and at no extra cost.

GE Money Bank provides you with the dream solution to make the best offer on a property while keeping you on firm ground to control your budget.
Benefit from an initial low-interest mortgage rate and take advantage of built-in safety features.

What is a variable-rate repayment mortgage?

Your mortgage rate includes a fixed margin above the 1-month Euribor for the duration of the loan.

If the 1-month Euribor moves up or down, your mortgage rate will move in line with it. Your monthly repayment is fixed by 12 months periods and will be adjusted once a year.

If the 1-month Euribor moves up, your monthly repayment will never increase annually more than the French rate of inflation.The term can be extended with a maximum duration set in your loan contract.

When the 1-month Euribor moves down, your monthly instalment is not reduced: the term of your mortgage is shortened and the cost of your mortgage decreases.

What can I use EVOLUTO/ACCESSIS for?

Our loan ACCESSIS offers the same benefits as Evoluto, but on a longer term. It enables you to begin with lower monthly mortgage repayments or to be eligible for a larger loan.
With a term up to 25 years, you can make your dream bigger!

EVOLUTO/ACCESSIS loans can be used for:
• buying a home,
• investing in a buy-to-let (existing, off plan, house construction),
• refinancing your mortgage loan,
• or realizing home improvements.

Testimony: variable-rate repayment mortgage

Allison, London/Normandy :

"I found my French sweet home but my budget was too tight. I thought it was impossible to make this dream true…

My husband and I always dreamt of buying a place in the nice Normandy countryside. But living in a city as expensive as London doesn’t make things very easy when it comes to controlling your expenditures. Thanks to GE Money Bank and their Accessis loan program, we found the perfect loan on a 25-year term. We were finally able to afford this fantastic house without tightening our belt.”

Financial examples of EVOLUTO and ACCESSIS mortgages?

Example: For a variable rate Accessis loan of €280,000, on a 25-year initial term (the interest rate is fixed for the first 12 months and then variable and indexed to the 1-month Euribor plus the margin (this margin is specified in your contract). Initial forecasted compound APR of 3.24%, total provisional cost of credit is €128,330.
For a variable rate Evoluto loan of €180,000, on a 20-year initial term (the interest rate is fixed for the first 12 months and then variable and indexed to the 1-month Euribor plus the margin (this margin is specified in your contract). Initial forecasted compound APR of 3.27%, total provisional cost of credit is €65,133.60.
Subject to study/analyse and acceptance by the lender : GE Money Bank – Partnership Limited by Shares with capital of €594.078.024 - Corporate Headquarters: Tour Europlaza – 20 avenue André-Prothin – 92063 Paris La Défense Cedex - FRANCE – Registered at the Nanterre Corporate and Trade Registry under # 784 393 340. If the purchase of the property is subject to a loan and this one is declined, the vendor must reimburse all payments already made by the buyer. Upon receipt of a loan offer, there is a mandatory 10 day cooling-off period for the buyer. No payment whatsoever can be required from a private individual before one or more loans are granted.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. CHANGES IN THE EXCHANGE RATE MAY INCREASE THE STERLING EQUIVALENT OF YOUR DEBT.
If Euro is not your National currency, the equivalent in your National currency of your liability under a Euro mortgage may be increased by exchange rate movements. Loans are secured by a mortgage on your property in France. Life Assurance will also be required. All Loans are Subject to Status and Valuation and are not Available to Persons Under the Age of 18. Written Quotations are Available upon Request.
(*) IMPORTANT : Financial terms and examples are calculated with a minimum deposit of 20% of the purchase price and valid as of 20/07/2010. They are subject to change without notice depending on market conditions. Total provisional costs of credit include arrangement fee, but exclude legal and notary fees, optional life insurance premiums, and introducer’s fees. In case of intervention of an introducer, his fees will be included in the total provisional costs.