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Financing your property in France

Finding a mortgage in France to suit your needs is a straightforward process. Mortgage lenders such as HBSC, UCB (formerly Abbey National) and Barclays, plus a host of other French banks, offer flexible loans of up to 85% of the property value, often for up to 20 or 25 years. In addition, banks in France can often lend for renovation work on the property. Please read on to find  out what you need to provide to get a mortgage, plus a few facts and figures about borrowing to buy on the Riviera. TotallyRiviera have a comprehensive list of mortgage lenders and mortgage information on our useful links page.

Preparing for your mortgage application

What documentation do you need?
Although you have either 30 or 45 days to get a mortgage (depending on the contract) after the Compromis de Vente has been signed, it's best to start to building your mortgage file as quickly as possible. What follows should be everything you need to send to your mortgage lender in France as you move into the purchase process.    

1a) If you are employed
Letter from employer(s) specifying your professional status, length of service and gross annual income

Copy of your last 3 most recent salary slips and most recent P6O   

1b) If you are self employed
Photocopies of the last 2 years certified balance sheets and profit and loss accounts  
Photocopies of the last 2 years personal tax returns (complete) and the most recent notice of assessment    

2) Your income details
Statement of any income other than from principal employment (including rental income, tenancy agreements and bank statements showing the rental income)  
Statement of any investment income declared  
Statement of any pension income received     

3) Other personal documents
Photocopies of each applicant's passport showing photograph and personal details, and carte de séjour if resident in France
Photocopy of your birth certificate or marriage certificate or divorce decree  
Last rental statement (if you are a tenant)  
Most recent statements for all existing loans/mortgages and credit cards
Photocopies of the 3 most recent months' continuous bank statements showing income, loans, mortgages and regular outgoings
A voided cheque from this account

4) Property documents
Copy of 'compromis de vente' - this is vital
If you are building a new property: property title or preliminary sales agreement for the land and building licence - building contract and plans  
Plus: Photocopies of all the quotations and insurance certificates for the builders
For an existing property, completed constructions or those sold under VEFA contract: sales agreement or reservation contract
For renovation or improvement works to be carried out, and paid for by the mortgage: professional estimates or invoices  
For re-mortgage and equity release: title deed, loan deed, complete repayment table (current)

5) Other Information required
Proof of deposit - statement showing the lump sum that you are putting into the project
A utility bill. (valid within the last 3 months)
List of other banks that you have already approached if applicable

How much can I borrow and in what way?

EU residents may be able to borrow up to 85% of the property purchase value, depending on their nationality. Non EU residents may only be able to borrow up to 75%. The loans can be for up to 25 years, depending on age and bank chosen and the long-term rates (after introductory offers) range from 3.2% up to approximately 4.5% on a repayment basis. You can discuss with the banks which is the best product for your project.

Interest Only mortgages
Interest only deals are available if you really want to reduce the monthly repayment to a minimum but unlike the UK you are obligated to place a deposit into a French investment scheme that runs along side the mortgage and is somewhat controlled by the bank. These schemes can have significant inheritance tax advantages and can offer flexibility if you are going to turn over a lot of properties as they can be kept as the deposit for the next purchase. We can give you the details of a qualified and regulated 'courtier d'assurance' in France who can assist with the mortgage and broker these for you should you wish to discuss this option. Some banks also offer a product which is interest only for 5 years and then repayment for 15years. This is particularly useful if you believe you will pay off large sums in the first 5 years.
 
Buy to let mortgages
Many people ask if they can buy on a buy to let basis, and the short answer is no. Future rent can be taken into account but the bank will normally devalue the property by 10% and then lend 85% of the 90% valuation, meaning a larger deposit is needed. The bank will also only take 80% of possible 'long term, unfurnished' rental income into account, which is considerably less than what you will probably achieve through seasonal weekly lettings.