After paying a French mortgage for just over 13 years, I’m attempting to scrape enough money together to pay it off, prior to the end of the 15 year term. I’ve been told that I’ll need to instruct a notaire to finalise the purchase, which I’m assuming means transfer of title etc.
I was wondering if anyone else had recently found themselves in such a situation and had any idea of the cost of such fees?
My excitement at the thought of paying off early, has dissipated a little, for fear of how much the fees are gonna set me back.
We paid ours off, no notaire needed, just paid the bank,. Speak to you’re bank.
Didn’t cost me anything as i had put a clause in the mortgage allowing for a no-fee pay-off but that was only granted as my bank earn loads out of me as a business customer too !
Thanks Graham. That’s actually really helpful. It doesn’t help me with the notaires fees, but it does tell me that they have to break down their costs and disbursements, so that does help. Thank you
Ok… so did the bank foot the bill for transfer of title etc? The selling agent sorted my mortgage and in fairness to her, she got me a good deal compared to what I could’ve got on my own. Its never gone up in the 13 years I’ve been paying it and I got the impression the guy at the bank was sweating a bit at the time:joy: No idea if she put that clause in, but now I know that they have to communicate that information to me, it makes me feel a little easier. I’ll certainly be asking the questions.
The title deeds were always in our names, the bank had a hypothèque (charge) on the house, that’s all. No, what I negotiated isn’t normal but it was all tied up in business loans too. I wouldn’t have got the deal as a normal customer. I didn’t pay a thing. Sometimes it isn’t worth paying off early if the penalty payments are high and as interest rates are so low I think you need to sit down with the bank and look at the figures
Ok. Well interest on my account now is negligible and it wasn’t a massive loan anyway, so I don’t think the penalties will be high, but I will find out first. It just felt like a milestone, but of course there’s no point if it will make me worse off.