Mortgage FAQ France – Frequently Asked Questions

Buying a property in France and getting a mortgage does not seem easy for Non-Residents. For that reason we have put together a list of questions that we are often asked.

 

Brokerage Service

Does HB Mortgages sort everything out? What would the steps have to be that I need to take? Or do you take care of everything?

Once you have decided to work with us, one of our mortgage brokers will send you a list of documents required to start the process in obtaining a mortgage from the banks. We will then get back to you if anything else is needed. Once the file is placed with the bank, we will liaise with you and assist you every step of the way.

Is there a minimum amount that your bank will support and if so, how much?

We work with multiple Retail and Private banks in France and Monaco, the minimum mortgage amount that we can arrange is €100,000.

If we were to take a mortgage with you, what is your policy in relation to paying off the house before the alotted time?

Harrison Brook Mortgages facilitates access to a mortgage, but you would be taking the mortgage with a bank. Early repayment can be discussed when choosing the best mortgage option for you (Repayment, Capped or Interest only for instance).

Minimum Requirements

What are the minimum requirements to get a mortgage in France?

  • Minimum loan – 100 000€
  • Loan to values for non residents range between 50% – 85% depending on applicant(s)
  • Loan term of up to 25 years
  • Minimum levels of income required:  50 000€

What proof of income will you need?

If you are salaried, the bank will request a long term contract and the last 3 to 6 months payslips as well as your P60.

If you are self-employed, the bank will require a minimum of 3 years company accounts.

Deposit

What deposit do I need?

The value of your deposit will depend on the loan to value you can get.

For instance, a 85% LTV will mean a 15% deposit, 60% LTV a 40% deposit and so on.

HOWEVER, please note you need to add the notaire charges (about 8% for an existing property and 3.5% for a new build) to that because they cannot be covered by the mortgage.

Your final deposit will be the remaining loan + the notaire charges.

How can I calculate the deposit I need?

Example – Mr and Mrs Smith are purchasing an existing €250,000 flat near Nice with a 85% LTV mortgage. Their deposit will be 15% of €250,000 + 8% of €250,000 = €37,500 + €20,000 = €57,500

Loan To Value, Rates & Repayment

What loan to value can I hope to get?

We can get up to 85% LTV with a duration between 7 to 25 years.

If you have found a home you wish to purchase, we will fill in the application form for the bank which will then allow us to confirm the exact LTV and loan details.

What rates can you get?

Depending on your financial position, rates usually range from 1.40% to 3.70%. A full financial review will need to be undergone in order to provide an achievable rate.

How can I calculate my potential repayments?

We have put together a mortgage repayment calculator that you can use to see how much you may pay back each month. You can access it by clicking here.

 

Mortgage Pre-Approval in France

Can I get a mortgage pre-approval in France?

The quick answer is “NO”. French banks do not offer pre-approved mortgages. Based on your information, personal situation and our experience, we can give you an indication if we believe your case could go through with a French bank but you cannot submit a file without having signed the compromis de vente.

Why can’t I get a mortgage pre-approval in France?

French banks require you to have signed the Compromis de vente or sales agreement to be able to start the mortgage request.

What if my mortgage request get refused?

For protection, we will suggest you add a clause in your compromis de vente that if you fail to get a mortgage within the agreed term you can recover your deposit.

Let Us Help You

Tell us a bit about yourself and one of our mortgage advisers will help you.

  • Free Consultation
    No obligation advice
  • Our consultation won’t run any credit checks
  • Explore borrowing options best suited for you

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'HB Mortgages' is a trading name of 'HB Property S.A.S'. 'HB Property S.A.S' as comme activites, achat, vente, location et gestion de bien immobilieres, courtage en operations de banque et services de paiement. Immatriculation au R.C.S Antibes ‘831 714 761’. 'HB Property S.A.S' est inscrit a L'Orias le Registre unique des Intermédiaires en Assurance, Banque et Finance sous le numéro d’immatriculation '18005964'. Carte professionnelle 'Transactions sur immeubles et fonds de commerce' (Gestion Immobilière) numéro '0605 2018 000 036 819' délivrée par la CCI de Nice Côte d’Azur. TVA Intracommunautaire FR 06831714761.