multiple purchases

3 posts / 0 new
Dernière contribution
21 Mai 2005
#1
robert
multiple purchases

Has anybody purchased more then one unit?Is it very difficult to obtain mortgages for subsequent purchases even if each purchase is a breakeven situation,ie 40% deposit.Do french banks rely entirely on income other than rental income?Is it possible to build a portfolio of leasebacks?

 

Thanks

Rob

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18 Juin 2005
glennborthwick (non vérifié)

just be careful with the dont mention the existing mortgages line.



theres currently a court case in france progressing where a french property agent advised this and also drew up some dodgy pay slips etc and is being sued by the client, even though the agent claims the client instigated it. GFE were the builders who are building Poisssy, cergy etc - they got stung quite badly



basically it enabled the client to buy 5 units he couldnt afford to , client lost his job and couldnt keep up with the payments and they got repossessed,



glenn



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11 Septembre 2005
steve

Just a footnote to the above-<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


French lenders tend not to accept future rental income when working out affordability. However, once the income is current and ongoing up to 80% of this rental income will be added to any proven earned income. Consider a stage purchase program over a period of time, rather than the 'in with both feet' approach.


A much better approach of starting your French property portfolio.


Steve

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