Ski season financing: fixed rates edge up after a hawkish ECB hold — but buyer sentiment holds firm across the Alps

Alpine Property Finance Update
London | December 2025

With the Alpine season now in full swing, the funding backdrop has shifted slightly but not dramatically. Following the ECB’s hawkish hold, euro fixed rates have edged higher at the margin, and the first re-pricing is starting to show up in term sheets. In most cases, private banks will feed this through faster, while a number of retail lenders may choose to absorb part of the move near-term to protect volumes.

For buyers, the practical implication is straightforward: the market remains open and competitive — but the cheapest fixed pricing is no longer drifting lower week by week. The advantage now sits with purchasers who treat financing as a timetable item, not an afterthought.

This note follows our earlier analysis on locking in low-cost borrowing to keep powder dry for opportunities ahead.

“In resort markets, timing is everything — and that includes the bank,” said John Busby, Head of Sales at Traverse International Finance. “Even with fixed rates slightly higher, lenders are still very active. The difference is that approvals, documentation and deal structure matter more than they did six months ago.”

What it means on the ground in resort markets

Alpine transactions tend to be driven by lifestyle, family logistics and seasonal windows — which means execution risk is often the real enemy. For non-residents, a typical mortgage process can take 8–12 weeks, and in some cases longer with heavier compliance. For buyers who need certainty earlier, Traverse can offer a fast-track credit approval option before signing the purchase contract.

In practical terms, that makes early credit approval especially valuable during ski season, when:

• sellers want certainty and shorter conditions,
• completion dates are often tied to school holidays, and
• buyers prefer to secure ownership (and rental readiness) ahead of peak weeks.

Non-resident leverage remains available, with typical LTVs often in the 70–85% range depending on profile and lender appetite (see the French Mortgage Guide for international buyers for a detailed overview of structures and lender expectations).

Resort radar: where we’re seeing heat — and where value still shows

Val d’Isère, Méribel and Verbier (prime, liquid, international)
These markets remain highly sought-after for “trophy” second homes and family use. We are seeing good quality stock coming to market, but the best-positioned property (ski access, views, limited future supply) continues to trade competitively. Financing here is less about stretching LTV and more about securing certainty and keeping flexibility for future acquisitions.

Courchevel: from 1850 to Le Praz (micro-markets, distinct buyer types)
Courchevel remains a story of sub-markets: the heights of 1850 for global prime, versus Le Praz for character, village feel and year-round appeal. The opportunity is often in selecting the right micro-location and asset type — and structuring the mortgage so you can move quickly when the right property appears.

Val Thorens (yield-led demand, high altitude, strong letting profile)
Where clients are actively offsetting running costs through rentals, Val Thorens remains compelling. The “investment” angle here is often about operational execution: letting strategy, weeks used personally, and capex planning — rather than assuming broad market uplift.

Les Menuires & St Martin de Belleville (more space, stronger value metrics)
For buyers wanting more for their money, Les Menuires continues to offer an attractive price-per-square-metre profile and, in many cases, a stronger rental equation. The evolving appeal of St Martin de Belleville adds a different proposition: a village atmosphere with Three Valleys access — increasingly relevant for families who want authenticity without losing connectivity.

Chamonix and Crans-Montana (always busy, truly year-round)
Chamonix and Crans-Montana remain unique Alpine markets: deeper year-round demand, international liquidity and a wider range of buyer motivations (sport, schools, accessibility, lifestyle). For purchasers who want a base that works beyond ski weeks, Chamonix continues to stand apart.

Morzine and Cortina (four-season liveability, broad buyer appeal)
Morzine and Cortina’s year-round rhythm and village feel continues to resonate — particularly with buyers who value summer as much as winter, and who want a property that feels “usable” outside peak season.

Rates snapshot: where pricing is landing now

(Typical terms for UK- and US-based non-resident borrowers, 60–70% LTV. Indicative only.)

Private-bank solutions are often linked to a wider relationship and may require assets under management in the region of 30–50% of the loan principal, particularly where interest-only leverage is requested (see the French Mortgage Guide section on private bank structures).

Worked examples: €2,000,000 mortgage — retail vs private bank

These examples are illustrative and exclude taxes, insurance, arrangement fees and FX considerations.

1) Retail bank (repayment mortgage)

• Loan: €2,000,000
• Term: 20 years
• Rate: 4.00% fixed
• Approx. monthly payment: ~€12,120
• Total interest over full term: ~€909,000

2) Private bank (interest-only structure)
Private banks are typically the primary route for true interest-only lending for international buyers, often within a broader wealth relationship.

• Loan: €2,000,000
• Structure: interest-only
• Rate (illustrative): 3.60%
• Approx. monthly interest: ~€6,000
• Principal remains outstanding until repaid/refinanced

For reference, the French Mortgage Guide illustrates the cashflow difference between interest-only and repayment structures (e.g., a €2m interest-only loan at 4% is ~€6,667/month versus ~€12,100/month on a 20-year repayment basis at 4%).

New build and refurbishment: where lender behaviour differs

For ski properties, the “new build” category often overlaps with energy-performance upgrades and staged renovation — and lender approach matters.

Retail banks

• generally prefer standard repayment structures,
• can finance off-plan/new build, but will typically follow tight disbursement rules (funds released in stages) and require a clean, well-documented file (see the French Mortgage Guide on off-plan purchases and staged drawdowns),
• buyers should budget carefully for mortgage registration requirements, which can be more complex for certain structures/off-plan cases (see the French Mortgage Guide on costs and registration).

Private banks

• often offer more flexibility on structure (including interest-only) where the wider balance sheet supports it (see the French Mortgage Guide on private bank lending),
• can be better suited where timelines are longer, income is complex, or the borrower wants to preserve liquidity during build/works.

From a transaction-cost perspective, France remains clear: notary costs are typically higher on resale (c. 6–8%) and lower on off-plan/new build (c. 2–3%), and many buyers budget roughly ~10% for resale versus ~5% for new build/off-plan (see the French Mortgage Guide on notary fees and purchase costs).

Outlook for 2026: cautious optimism, with a premium on quality and efficiency

Despite the slight upward nudge in euro fixed rates, the broader tone remains constructive. Euro growth prospects are improving, the UK looks softer, and the market feels less like “wait and see” and more like measured confidence.

For Alpine buyers in particular, 2026 is shaping up as a year where results are driven by:

• choosing the right micro-market (not just the right resort),
• prioritising quality, scarcity and year-round usability, and
• focusing on operational efficiency (running costs, EPC/ESG upgrades, lettings strategy) rather than relying on broad market moves.

For a deeper dive on structures, timelines and the French process, see our French Mortgage Guide for international buyers.