A friend of mine based on the edge of London declared that he wishes to relocated to France and possibly to my region as he can learn about life in France from me and I am willing to help.
He is a superb chef who trained in a well known establishment learning about French cuisine. Not so long ago he had 4 restaurants and along came a personal problem and covit which got in the way,
He would need a mortgage to purchase a restaurant.
What sort of percentage does a bank offer.
Our region is crying out for a good chef
Might be difficult to get a mortgage without credit history in France.
He could try a mortgage broker instead of approaching the banks directly.
Current TEG rates are probably 1%-2% ?
Hi Barbara… from what you say, he might not have much collateral, making a mortgage (possibly) difficult to obtain.
However, you could chat with your local Bank… ask their advice … why not? You don’t have to go into (private) details, just a general enquiry.
and they might well know a suitable financial source… just a thought.
We used IPF in 2015 to get a French mortgage for what was then a holiday home (now our permanent home). We had the mortgage offer from BNP Paribas in ten days
Maybe his plan is the best one but he seems to be wanting to plunge in really deep if he is just looking to get to know life here. Post Brexit is it hard to be taken on as a chef here? Would it not be better to work at an existing place for a while?
Must say, I’m thinking along the same lines as @almondbiscuit .
For anyone to start up a business in a country they do not know… it is a huge gamble, both financially and personally.
Strikes me he would be snapped up by any busy restaurant which has a lack of good chefs. That would give him a chance to find out if France is really where he wants to be…
a sort of breathing-space.
I note you talk of renovations… they often cost a lot more than one might have budgeted for (as many of us have discovered). Your friend might find himself in a financial predicament, which could end up in disaster. Getting a job, taking time to experience France… before leaping into debts which must be repaid… might be the best route.
You should read the thread 'In a pickle can’t find work.
Mortgages have to be repaid and when based on forcast income rather than salary it can all go wrong from outside infuences no matter how hard you try.
You say your friend has a failed business of 4 restaurants in UK? Not the best history to present to potential mortgage lender in a foreign country.
I have no doubt that your friend has magical culinary skills but sometimes aspirations are unattainable.
Other than the odd tv chef l very much doubt that, not my scene.
Whist i understand your friend is a chef his plans to set up in France are no different to any other trade/profession and even if he was able to get a 50% mortgage it still has to be repaid.
Perhaps he has watched too many tv episodes of life in the sun and if he hasn’t then he should to realise that many big ideas end in failure.
