I've read that around 40% of French mortgages are Pret Relais (bridging loans) in order to purchase another home and renovate it before having sold the existing family home (thus avoiding renting whilst renovation takes place).
Has anyone used a Pret Relais to fund renovation of another house before selling their current place? If so - who did you use? how did you go about getting it? Was it based on your income or just as a % of equity of your home? - we already have a mortgage on the purchase of the house we intend to renovate so would be over the 1/3 income as debt repayment. Can you roll up the interest to the end?
Would you recommend it?
All experiences of interest - as we're currently considering this as an option whilst our house is on the market so we can minimise the period of renting once our current family home is sold.