English
FrançaisHi,
We have our french leaseback mortgage with BNP paribas International buyers (formally UCB).
Our mortgage is a tracker but our repayments are based on a schedule set out at the start of the mortgage based a much higher rate than the current tracker interest rate. I have contacted BNPParibas international buyers numerous time to see if they can help us and allow us to pay our monthly payment based on the current tracker rate rather than then paying the higher amount set out (thus reducing the length of time of the mortgage) to no avail. I have explained to them that my husband lost his job & has taken a severe pay cut & have also started a family since we first set out on this lease back journey.
Has anyone made any successful negotiations with BNP Paribas international buyers? I find them difficult to deal with and the only advice they give me is to try sell the leaseback.
Hi Mona Lisa
I’m in the “same boat as you” with another French bank, simply refuse to negotiate with me. I have been upfront explained my situation but point blank refused to help.
The lawyer below was recommended (see link below) however as with everything in France, his fee is €2000 minimum.
http://gregoryhansonavocat.com/
Seamus, can you or the forum help or offer a service for people with mortgage problems, Thanks
Keep us posted.
Regards,Chelseablue
French mortgages are like any other mortgages - they have a contract. No matter what type of mortgage you have the contract will indicate how you can end it. For example if you hace a fixed rate mortgage you will likely have to pay a penalty to end the mortgage. I'm assuming in this case you have checked the contract and the penalty is just too high to consider - is that correct?
Seamus
Hi Seamus,
Thanks for getting back.
No its not a fixed interest rate, its a tracker following the euribor 6 month rate, like Mona Lisa our circumstances have charges, we don't want to "walk away" we just wish to restructor, however the bank will not engage.
We are with https://www.espaceclient.creditfoncier.fr/Formulaires/Public/Identificat...
Have to admit they have been good. We have 'ended' rates twice after set periods and on both occassions been offered new terms. Just finished one and was offered 2.25 variable against libor for 3 years or 3.25% fixed for term of mortgage. We took the 3.25%, they sent us some paperwork and cost nothing to change rate.
However I did look at moving mortage a few years back and while this seems fairly common practice in the UK, not so in France. It was very expensive to move so any new rate would have to be a mssive improvement to make it financially worthwhile