If you have always yearned for a luxury overseas property then now is a good time to start looking into it. Maybe you want a second home or even a main home for your retirement although that is twenty years or more away?
One option is to look at a buy to let type of mortgage, called 'In Fine' in France. How does this work? Well, in theory, the house or apartment pays for itself as it is a buy to let mortgage, but the downside is that you have little or no personal use until the mortgage is paid off.
The finance is calculated on how much rent you can get for the property each year, which then covers the mortgage payments each month. You must choose your property wisely as you have to find a property which has good letting potential, so make sure it is near transport links and is in a reasonable condition rather than a renovation job.
Of course it is not that simple and there are also life insurance payments which have to be made, as well as any tax on the rent, which is usually paid in the UK rather than in France. You will also have to consider extra money will have to be paid out for any repairs or maintenance that needs carried out to the property over the years.
But if you get your sums right it can work for you with the result that you get your own mortgage-free dream house in that little corner of France in fifteen years or so. Buying a luxury overseas property is within reach and you can get all the advice you need from financial experts to help you on your way.
