Mortgage in France > Mortgage options > Equity release & cash-out
Do you have equity in your French home?
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Would you like to profit from a line of credit to use any time and for any reason you want?
Benefits
- Take control of your finances and make the most of the equity you have built in your property in France.
- Reduce monthly payments by consolidating debts.
- Get better terms on your home loan.
- Borrow money as needed and get ready cash for any opportunities, unexpected purchases, home improvements or anything you want.
What is a SPECIAL MORTGAGE ACCOUNT?
The SPECIAL MORTGAGE ACCOUNT combines a line of credit to borrow extra cash built into an interest-only loan at mortgage rates. It offers the same options as FLEXICREDIT and more.
During the 1st interest-only period, it combines a lower payment made on interest only to a line of credit you can use anytime you want. As you make principal payments, the equity you are building becomes available as a line of credit to use as you see fit. There is no prepayment penalty during the 1st period.
The 2nd period is a fixed rate repayment loan.
What I can use my SPECIAL MORTGAGE ACCOUNT for?
It is a state-of-the-art tool for buying a house, refinancing with or without cash, consolidate other debts or restructure your assets, improve your home or just that extra money you need to do whatever you want.
Which other loan options are available to me?
GE Money Bank’s EVOLUTO/ACCESSIS mortgage options are also available for equity release loans with or without cash-out or just ‘pure cash-out’.
How does the SPECIAL MORTGAGE ACCOUNT work?
Example: For a total amount borrowed of 100,000€ with an interest-only period of 10 years, your monthly payment is 482.50€ (indexed to 1 month EURIBOR). Total cost of credit at the end of the interest-only period is 59096 € (including administration fee but excluding legal fees, stamp duty and optional term life insurance) with an initial APR at 5.95 % during the 1st period. Then, the annual interest rate for the 2nd period will be equal to the amount of the long-term borrowing rate for the month before the end of the 1st period, with a fixed bank margin of 1.75%. The above example, figures, terms and conditions are for information only and are subject to change according to market conditions. Important information: according to articles L 312-1 and seq. of the French Consumer Act, the purchase of a property with a mortgage loan is subject to the lender’s acceptance. If the loan is declined all payments made, including any deposit to secure the home purchase, must be fully reimbursed to the buyer. If the loan is accepted with a loan offer issued, the borrower has a compulsory 10 day cooling-off period before this loan offer can be accepted. No payment other than the deposit paid into escrow can be requested from an individual borrower before obtaining one or several loans.
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