Why take out a French mortgage?
If you are looking to purchase your dream home it is important to understand the different options open to you at the early stages of your project. A French mortgage may be the solution!
Most French mortgages are capital repayment loans with either variable or fixed rates. A popular choice is the fixed rate as the rate is fixed for the full term - up to 25 years - giving you stable monthly payments over the whole term.
Things to know when applying for finance in France
1. Affordability
The first stage is to determine how much you can afford to borrow. All French banks will need proof of monthly income and other financial information to determine your affordability.
You also need to be sure that you have funds available to pay the deposit, estate agent and notaries fees, plus any renovations needed etc.
2. Applying for finance
Once you have submitted your mortgage application and affordability has been confirmed, a decision in principle will be made by the bank. This will let you know how much you can realistically afford when visiting properties with a view to purchase.
3. Receiving a mortgage offer
A formal mortgage offer will be issued after all details have been agreed.
You can sign the mortgage offer after a cooling off period of 10 days.
What are the different steps for buying a property in France ?
All you need to know before applying for your mortgage.
