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Send to a friendMortgages in France
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French Mortgage Summary
Mortgages in France work slightly differently to those in the UK, here are a few pointers as to what you can expect.
Mortgages are taken out in Euros and secured against the French residential property. The lending criteria are slightly different with affordability being calculated by looking at the percentage of income that is taken up with repaying debt – typically between 30 and 40 per cent. All mortgages are full status so proof of earnings is always required.
While the range of products is not what you may be used to in the UK the market offers, repayment and interest only products on a variable or fixed rate basis with terms of up to 40 years.
Other differences include the compulsory 11 day cooling off period that follows the offer of a mortgage by a French bank and the special products that allow you to mortgage your French property in the 12 months after you have completed a purchase in cash.
Loan amount - €250,000
Lower interest rates will be available at different LTVs (loan to values)
This information should only be used as a guide. All product specifications will depend on the individual’s financial circumstances. The products mentioned here are for non-resident clients, other products will be available for residents. Information correct as of 07/03/08.
Information provided courtesy of International Private Finance Ltd
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