After a pause of more than two months, the property world is starting to show signs of life again as lockdown restrictions begin to ease on both sides of the channel. Good news for those who have been sitting patiently, perhaps polishing up their French language skills, many of whom are now back in contact with their agents and notaires to get these deals finalised.
The airlines are a different matter as it seems non-essential travel is still off the cards, so for those of you who have not yet found that dream property, the wait to physically travel to France may yet be some weeks off – but look out for properties that offer virtual tours as this can be very valuable in gaining that extra feel of the surroundings.
A small silver lining on delaying completions could be the exchange rate – the pound is having a tough month and has lost some ground against most major currencies, including the Euro. The main issues putting pressure on the pound are:
- The Bank of England policy and the possibility of negative interest rates.
- The risk of a no-deal Brexit.
- The uncertainty of the end of lockdown and consequences for the UK economy.
- The negative global market sentiment
These factors are currently threatening Sterling to fall even lower against the Euro. This poses a risk for those who need to exchange their funds into Euros to pay for their property so it’s important to get extra help where you can here.
What can you do?
If you haven’t done so yet, you should get in touch with a foreign exchange specialist like moneycorp. The main advantages of using moneycorp rather than your bank are:
1) Obtaining a better rate of exchange. A foreign exchange specialist offers more competitive rates than the banks – potentially saving you thousands.
2) The ability to fix a rate in advance or target a rate – You will have access to a range of products from forward contracts to market orders to help you protect your budget or even take advantage of rate movements. You can trade online or get free guidance from expert dealers.
3) Free some guidance from their expert dealers– At moneycorp we believe the circumstances of each client are unique and with this in mind each account is assigned to a personal dealer who will guide you through all the transaction. All our dealers have extensive experience with overseas transactions so no matter what stage you are at, we are always happy to have that initial conversation.
How to register with moneycorp?
Opening an account for them is really easy and free of cost or obligation. You can register online or over the phone in a couple of minutes and for FrenchEntree there are no charges in any payment.
With a Platinum Trusted Service Award 2020 from independent review site Feefo and 40 years of experience in the industry, FrenchEntree has been recommending moneycorp for more than 15 years. During this time they have helped thousands of client planning the best way to pay for their property as well as supporting them afterwards with any further payment from paying bills, mortgages to repatriating UK pensions for those who have retired to France.
Furthermore, we have worked with the same person at moneycorp for more than a decade.! You might be familiar with as she often writes for our FrenchEntree magazine. She has 13 years experience in foreign exchange plus she is a qualified European lawyer with experience in European transactions. Mar will be happy to answer any questions or enquiries to support you through this difficult times.
Furthermore, we have worked with the same person at moneycorp for more than a decade! You might be familiar with her as she often writes for our FrenchEntree magazine. She has 13 years’ experience in foreign exchange plus she is a qualified European lawyer with experience in European transactions. Mar will be happy to answer any questions or enquiries to support you through this difficult times.
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