French Mortgages



Mortgage Terms Location: Mainland France and Corsica. Type of Loan: Repayment or interest-only for purchase, remortgage or capital raise. Loan to Value: Varies from lender to lender, for non residents 85%-90% is normal, however 100% can be achieved if buying off-plan. Term: 5 to 25 years up to age 80. Interest rates: Please contact IMM for a personal quote Proof of Income: This is always required, loans are full status although for high net worth clients minimum documentation schemes are available. Please contact IMM for further details. Fees: French banks typically charge 1% of the mortgage amount notary and registration fees vary, however these are not excessive. There will also be legal fees and valuation fees which will depend on the value of the property and amount of mortgage. Legal issues and Valuation Remember: don’t sign anything or put down a deposit until you have taken legal advice. Your lawyer will be able to extensively cover the legal costs and taxes you are liable for prior to committing yourself to a purchase or remortgage. The contract that will be drawn is signed by both parties (Buyer and Seller ) and is known as “Compromis de Vente”. At this point you would be required to normally pay your deposit and any additional costs. This is held in a special account of which is held by the Notary. On signing this contract you are legally bound to purchase the property, it also secures the property from other offers from third parties by being taken off the market. This contract will normally have a mortgage clause. If you decide not to proceed with the purchase after signing this contract you would lose your deposit and could be sued for losses incurred by the seller. IMM will liaise with your lawyer through out the process, valuations are pretty straight forward in France and do not normally take long to organise. Applying for a Mortgage Please contact us as soon as possible to arrange an approval in principle. This will enable you to find out how much you can borrow and obtain initial terms. If you haven't found a property that you want to buy we can help you to establish your affordability and issue an approval in principle based on your current financial situation. See Useful Terms for an explanation of some legal terms. Please feel free to contact us europe@intl-mortgage.co.uk or request a quote

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International Mortgage Management is a registered trading name, that complies with data protection and holds a consumer credit license. Your property may be re-possessed if you do not keep up repayments on your mortgage. The exact fee for our service will depend on your circumstances and the location of the property. The Financial Services Authority (FSA) is the UK's mortgage regulator however it does not regulate international mortgages. We are not tax advisor's, and do not offer any advice or recommendation on tax or legal issues. All comments and figures are for illustrative purposes only; we strongly recommend that you see an independent tax advisor and lawyer. All mortgages are subject to status and offer and will not be binding unless stated otherwise. Flag images are provided by www.3DFlags.com.

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