The cost of French mortgages have fallen to a new, all time low, with buyers looking to purchase a property in France, now able to secure a rate of 3.1% on a 20 year repayment mortgage, down from 3.75% a year ago. Further good news, the French Bank offering this deal, only require a 20% deposit, making the dream of owning your own property in France, even more of an reality.
These are now officially the lowest rates that have been seen on French mortgages this century or last and offer a saving of nearly €30,000, on a €400,000 mortgage, taken out over a 20 year term.
The falls are thanks to the European Central Bank, who in making rate cuts, are aiming to improve the overall economic position within Europe, with some predicting rates could be reduced further with possibly 3% mortgage deals on the horizon also.
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