When you have a French mortgage you get mortgage insurance and this mortgage insurance can be something you wish to negotiate. Up until recent change was not an option. Now it is official, the French Constitutional Council agrees that right of annual cancellation of all insurance policies by a borrower is in accordance with the law contrary to an appeal by the French banking federation.
As of Friday, January 12, 2018 the decision of the council allows individuals to apply to change their insurance on the mortgage on the anniversary date of the insurance. Note: make sure you confirm these details with your bank and prepare ahead of time.
As quoted in French in Explorimo and translated “all loan insurance contracts, including old ones, can be terminated on the anniversary date and replaced by another, provided that the guarantees are equivalent to the bank’s acceptance of this new contract.
This can offer significant savings to loan holders if the new insurance is at a lower cost per month.
Contact your English speaking French mortgage broker for more details. If you need assistance in locating a English speaking French mortgage broker we can help you connect at no charge for our assistance to you. Contact us here