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Getting A Mortgage In France
Should
I Get a British or French Mortgage?
There
are no restrictions on foreign ownership of property in France
and as long as you can prove your credit-worthiness, it is not
difficult for a British person to get a French mortgage.
There are some other alternatives to this, though:
- Remortgage
your present home and use the equity to purchase your French
property
- To take a second UK mortgage secured on either your UK home
or your French property – some UK lenders offer specialist
overseas mortgages
Having a UK mortgage in pounds sterling has the advantage of protecting you from changes to the Euro-Pound exchange rate.
On the other hand, interest rates in the Euro zone are usually lower than UK interest rates, so a French mortgage will probably be cheaper.
It might be worth discussing the options with an independent mortgage adviser specialising in overseas property to see what your choices are.
Getting Mortgages In France
Getting a French mortgage is very similar to getting a UK mortgage,
although French lenders tend to be a little more restrictive
in what they will lend:
·
Maximum 85% LTV (loan to value)
· No non-status (self-certified) mortgages
· Some lenders will only offer repayment mortgages to
foreign buyers
· Total monthly mortgage payments should not exceed 33%
of net monthly disposable income – i.e. your remaining
income after all other expenses
To apply for a mortgage, you will need to provide the following financial documentation, in addition to proof of your identity:
Employed
Employed mortgage applicants will need to provide:
·
Past 3 months' payslips
· Most recent P60
· Last 6 months' personal bank statements
Self-Employed
Self-employed people must provide proof of income – self-certified or non-status mortgages are not available in France:
·
Last 3 years audited accounts
· Last 12 months' business bank statements
· Last 6 months' personal bank statements
Rental Income
Renting your property out is permitted but potential rental income will not be taken into account in your mortgage application – you need to be able to show that you can afford the French mortgage payments without the rental income.
Read On
•
Introduction
• Buying
A Property In France - 4 Easy Steps
• Should
I Get A UK or French Mortgage?
• Getting
A Mortgage In France
• Other
Things To Consider Before Buying In France
• Glossary
of Key French Property Terms
Buying Overseas Property and Mortgages
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