Mortgage in France > Mortgage options > Tracker rate repayment
Benefits
- Increase affordability with reduced monthly payments during the interest-only period.
- Maximise investment ability to buy a bigger home.
- Manage your interest-only mortgage with options like repayments of principal.
- Pre-pay your mortgage with no redemption penalty anytime during the interest-only period, either partially or totally.
- Decide when you want to make principal and interest repayments.
- Benefit from higher tax reductions (for taxpayers in France).
What is a Tracker rate repayment mortgage?
EVOLUTO/ACCESSIS is a variable rate repayment mortgage tied to the 1 month EURIBOR index.
Your interest rate is fixed for the first 6 months then adjusted according to the current 1 month EURIBOR but your loan includes safety features to protect you from possible interest rates rises:
Your monthly repayment is fixed by 12 months periods, each 12 month anniversary adjusted to 90% of the current 1 year French rate of inflation.
If the index goes down your monthly repayment remains the same but the term of your mortgage is shortened. If the index goes up, the term of your loan is extended but your monthly repayments stay in control.
What can I use an EVOLUTO/ACCESSIS for?
- Buying a home, either existing or ‘off plan’ or house construction, main, second/holiday or buy-to-let.
- Remortgage and equity release with cash-out (cash-out only is not available).
- Improvements.
How does EVOLUTO/ACCESSIS work?
Example: For an amount borrowed of 200,000€ with a personal contribution of 20% of the purchase price and an initial maturity of 30 years: The interest rate is fixed-rate for the first twelve months with monthly repayments of 1,031.27€ and then tied to the 1 month EURIBOR. With an initial APR at 4.70%, the total cost of your loan at maturity will be 172,457.20€ (including administration fee but excluding legal fees, stamp duty and optional term life insurance). 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. 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 on property outside the UK. All loans are subject to status and valuation and are not available to persons under the age of 18.
