A French Mortgage
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On what will they lend ?
You can obtain a mortgage on an existing building, against the construction
of a new building, or for or including costs of renovation.or to refinance.
will often but not always carry out a valuation of the property, which
is checking that the price is justified, not a detailed or structural
will they give you
Two years ago 60% or at top 70% of the purchase price were the maximum
mortgage loans a non resident could find in France, but nowadays aggressive
competition between the British and the French lenders has led to
mortgages of 80% and sometimes more. The other limit is your monthly
disposable income and hence the size of repayments you can afford,
try doing the following calculation, or just fill in the form below
and ask us,
of your gross monthly income
Deduct any current loan, mortgage or rent payments
The result is the maximum size of monthly repayment you can afford
on your French mortgage..
100 Euros of monthly repayment you can borrow about 16000 Euros, depending
on the duration of the loan.
are given on the purchase price not including the legal fees.
will it cost you
get mortgages ranging up to 20 years, genuine fixed rate, capped rates,
floating rates etc, at the moment rates are historically low so a
capped or fixed rate is an attractive option, however some of the
fixed rates have high early pay back penalties, so it is worth spending
some time deciding which form of mortgage best suits your needs.
usually a one off, 1% of the total loan, 'frais de dossier' charge.
need to show :- Civil Status
marriage certificates if married, final decrees if divorced whether
now married or not.
of your credit worthiness
are employed this will take the form of your last three months of
payslips and bank statements, often the last annual tax return/certificate,
sometimes a statement showing the balances on any existing mortgages
are self-employed, your last three years' audited accounts, tax returns/certificates
and otherwise the same as above.
revenues like rental income or investment returns can be included,
so remember copies of leases, proofs of payments......
need to show proof that you have the balance of the purchase price.
Usually your bank statements will show this.
examinations are sometimes demanded, but make sure you know your height
and weight as these are always on the forms.......
bank account to make the monthly payments, a copy of the compromis
to show them what you want it for.
set up an assurance policy for you so that if you die the mortgage
is paid off.
be a suspensive clause in your compromis de vente (unless you expressly
state that you do not need a mortgage) usually naming a lender, a
rate of interest and a maximum size of loan - that is your protection,
no mortgage, no sale
seller the clause will stipulate a given delay by which you have to
prove you have applied for a mortgage, and a second delay by which
you have to have received your offer or a refusal.
not, as a buyer, tied to the named lender, size of loan or rate.
have a fixed income coming from a non Euro country, by taking a Euro
mortgage you are taking a view on currency futures.
are many differences between the mortgage offers made by all the lenders
in the French market, there will be one deal that is better suited
to your needs than any other, our London based broker has established
good relationships with all the reputed lenders in the French mortgage
If you would
like more information or a mortgage asessment fill in the contact form below
and our anglophone French mortgage broker will get back to you.
Here are some of the best current mortgage
deals on French leaseback schemes