Mortgages for buying a property in France

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If you are considering buying a property in France,  mortgages are available for the majority of Nationalities for either House Purchase or remortgage for Home Improvements and other purposes on a case-by-case basis (excluding Corsica).

Types of French Mortgage: Euro loans available on a Repayment basis up to 85% and Interest only up to 80% (90% loans now possibly available on a case by case basis). Loans in other major currencies are available up to a maximum of 70%. Loans for Leaseback type properties are available up to 100% of the NET Purchase Price (ie: less French VAT).

Minimum Loan Amount: € 50,000 & Minimum Purchase Price = €62,500, No Maximum Loan or Purchase Price, but must not exceed 85% of the valuation or purchase price (whichever is the lower). 90% loans possibly available for House Purchase on a case-by-case basis in Euros only.

Please note, that for loans in other currencies, the minimum Purchase Price is €230,000 and these types of loan are only available for House Purchase & possibly Home Improvements only.

Re-Mortgage loans for other purposes are only available in Euros only up to a maximum of 70% of the current valuation (Loans for Home Improvements & Transfer of Ownership are available in Euros up to 80% of the current valuation) .

Proof of Income: There are no non-status/self-certification mortgage facilities available in France (although renting out your property is permitted). All French mortgages need to be supported by proof of income.

Employed - copies of your last three month's payslips & copies of your latest P60/Employer’s Reference together with copies of your last 6 month’s Personal Bank Statements will be required.

Self-employed - copies of your last three years Audited Accounts & copies of both your last 12 month's Business and last 6 month’s Personal Bank Statements will be required on application.

Although renting out your property is permitted, lenders will NOT take any proposed Rental Income from the property into account for French mortgage purposes.

Income can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, that the Lender may not take all or part of these Incomes into account when determining the maximum loan available.

Your loan is based on your joint net “take home” pay and is calculated on an affordability basis. All your existing liabilities including any mortgage/rent payments, personal and bank loans and any maintenance payments together with your proposed French mortgage payments must not exceed 40% of your net monthly income.

Example: Net joint monthly income £ 2,500. 40% of that figure is £1,000. Minus existing monthly mortgage payment £ 300 – No other liabilities. This leaves a balance of £700 for a proposed French Mortgage payment.

Term: For Euro Loans = 7 to 25 years up to age 80; For loans in other Currencies = 5 to 15 years up to possibly age 70

Currency: Euros & other major Currencies (eg: Sterling, US Dollars, Swiss Francs and Yen).