BNP Paribas approached us for content for the house buying section of their website. The French bank lends British house buyers the money they need to purchase property in France.
We have created several ‘how to’ guides relating to various stages of the property buying process in France. The main aim of the content was to help new house buyers deal with the legal issues in France.
This content was formal and informational, and it involved delving into the detail of the French legal system. We created copy that was informative, accurate and easy to understand.
Link: BNP Paribas article
EU Referendum: It’s Business as Usual for British Property Buyers in France
The United Kingdom voted to leave the European Union on June 23rd, and both the UK and the EU don’t know what lies ahead. The Brexit process is at a very early stage, and the finer details of what happens next may take several months to become apparent. In the meantime, however, we’d like to reassure you that it’s very much business as usual in the French property market.
What happens now?
There will now follow a period of political transition in both the UK and the EU. A new Prime Minister is expected to trigger the formal process for withdrawing from the EU by early 2017 at the latest. And once that process has been started, the UK will have two years to agree the terms and conditions involved in leaving the EU.
While the next two to three years will undoubtedly be a period of uncertainty, the United Kingdom will remain a full member of the EU during that time – with all of the rights and responsibilities full membership entails. British people will continue to buy property in France, and we will continue to approve and process the mortgages house buyers need.
Crucially, British citizens buying a home in France still have the same protections and assurances they had before the Brexit vote. In this regard, nothing has changed. The exact rules relating to Brits buying property in France after Brexit won’t be known for several months. But for now, property purchases and mortgage applications will continue as normal for British citizens.
We have been asked several questions about what happens next, so we’ve put together a list of the most commonly asked questions about Brexit. While we have tried to answer each one as accurately as possible, we don’t have definitive answers to them all just yet.
We are continually monitoring developments, and as soon as we have information to share with you, we’ll do so either on this website or by email.
Can I still make and receive payments from EU countries?
Yes, there will be no changes in how financial transactions are processed in the short term. Only when we know the details of a Brexit deal will we be able to provide you with a long-term assessment.
Should I delay the purchase of a property in France until the details of Brexit are clearer?
Brexit negotiations could take two to three years to complete, but for the time being, buying a house in France is still a solid investment. The process of buying French property will remain exactly the same until the UK formally withdraws from the EU. Furthermore, the GBP to EUR exchange rate is still considered to be within the normal range, so buying a home in France is still a relatively affordable investment.
Will the UK’s decision to leave the EU affect my current mortgage application?
No, the results of the EU referendum marks the start of a long negotiation process that could take several years. Existing mortgage applications with BNP Paribas are not affected as of today.
Can I still apply for a mortgage for a French property purchase?
Yes, nothing would change with regard to buying property in France until the UK leaves the EU. For the time being, it’s very much business as usual.
We assess each application on an individual basis – the referendum decision has not changed the way we approach mortgage decisions.
Will the EUR exchange rate make my mortgage more expensive?
We can’t predict what will happen to the GBP/EUR exchange rate in the future. But for now, it remains relatively stable. Of course, a sudden devaluation of the Pound in the future might make house buying in France comparatively more expensive, but predicting future currency exchange rates is impossible.
How might Brexit affect the British economy?
The economy of both the UK and the EU may be affected by Brexit in a number of ways. Unfortunately, no one knows exactly what will happen yet, but there is general agreement that a period of uncertainty with regard to the economy and the markets lies ahead. If you’re worried about how Brexit will affect your ability to buy a home in France, talk to a member of the team at BNP Paribas.
Can BNP Paribas provide any guarantees surrounding financial uncertainty during Brexit negotiations?
We are committed to keeping all of our customers updated on the latest developments. We will continue to monitor and assess the situation over the coming months and years. As soon as we learn of developments that could have implications for any of our products and services, we’ll communicate them on this site or by email.
How will the EU referendum result affect BNP Paribas?
BNP Paribas is one of the largest and most stable banks in the world. We are still approving mortgages for British citizens buying property in France, and we will continue to do so. We are ideally placed to cope with and challenges and changes that arise from the UK leaving the EU.
Diversifying your investment portfolio could be a good way to mitigate some of the negative economic effects of Brexit. Buying property in France is still safe and secure. And you can rest assured that we’re doing all we can to keep our customers informed on any developments that might have implications for British house buyers.