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Mortgage in France


In comparison with other countries, property in France is quite expensive. Therefore, if you are planning to buy any real estate in France, then finding an information about mortgage lending is something you may consider. 

Non-residents can get a mortgage in France, though the procedure will take a bit longer than for residents. In order to get a mortgage, you have to open a bank account in French bank. 

Before applying to a mortgage credit lending, you have to sign a sales contact for property purchase. Mortgages in France can be fixed or variable rate. Though fixed rates are the more popular option, keep a look out for mortgages that are variable, but with capped monthly payments. They’re known as a prêt modulable or flexible mortgages. When looking at affordability, banks will make sure your income is stable and your total debt is manageable. As a general guideline in France, your mortgage should cost no more than around 30% of your net income. As far as your LTV ratio, lenders often give a minimum loan of €50 - 100k and may offer up to 80% LTV of the property’s worth.

In order to apply for a loan, you have to provide the following documents:

  • Current passport;
  • Marriage certificate;
  • Recent tax certification;
  • Recent proof of salary;
  • Property sale contract;
  • Proof of deposit;
  • Recent bank account statements (to prove income and outgoings);
  • Audited annual accounts (if you happen to be self-employed). 

Legally, couples who are married or in a civil partnership are both liable for the mortgage payment, even if the actual mortgage is only in one name.

 


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