French mortgage rates drop to new historic lows16 June
French property buyers take note: mortgage rates in France are now the lowest they have ever been.
After rising a little towards the end of last year, French mortgage rates have dropped again, down to 2.25% for a repayment mortgage fixed over 20 years for those with good profiles.
In French Private Finance's most recent French Mortgage Watch, John Busby, Head of Private client highlights that the new rates, "offer increased long-term value".
"Mortgage interest rates in France have now reached unprecedented levels, so much so that non-residents with good profiles can now access 20 year fixed rate mortgages from as little as 2.25%," continues Busby. "In terms of savings, compared to May 2014 when French 20-year fixed rate repayment mortgages were at 3.70%, rates have today decreased by 36%. In money terms, the total interest payable on a loan of €300,000 over 20 years has dropped from €117,571 to €72,822 a saving of €44,749, or €3,729 a year."
To read more click here.