| FRENCH PROPERTY SEARCH – EURO WEAKNESS AND LOW FIXED RATE MORTGAGES | | If you are currently undertaking a French property search, now I definitely the time to consider buying. There has been a huge increase in people moving money to buy French property since May this year as people take advantage of the best exchange rate against the Euro since November 2008. Money experts are also advising fixing rates at the current level. If you don’t need the money this month it is worth doing a forward purchase to guarantee the rate.
If you are just embarking on a French property search then the good news is that rates are expected to fall further, however, with this information experts are predicting a busy September. The reason for the record low rates has been the combination of low inflation and investment in Government bonds creating downward pressure on the TEC10 index. The TEC10 index is the benchmark against which French fixed rate mortgages are calculated. The TEC10 index reached an all time low on 24 August at 2.60 percent and has been steadily falling since the start of 2010.
French property search experts have seen a change in the types of mortgages people are discussing to fixed rate mortgages, not least because of the fall in rates but the gap between variable and fixed rates are narrowing.
There has never been a better time to relocate purchase a French property, whether you are looking for a long-term investment, a second home or a relocation. With property prices falling a further 0.7 percent in the last 12 months to rock bottom there is the opportunity to pick up a real bargain and fix a great rate for up to twenty years. The only areas to have shown price increases are Paris and Brittany with two percent increases in the past 12 months.
Now is the time to buy as it will not be long before prices begin to increase and borrowing conditions change again.
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