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First Steps
Buying property in France is quite different to buying in the UK and
is regulated at each step of the transaction.
- Our Step By Step Guide shows what happens and when, but your very
first step is to find out roughly the amount you can borrow - it's a
waste of time looking at property that is out of your price range and it
saves disappointment as well.
- A rule of thumb guide is to take 33% of your monthly income. This amount
should cover your existing financial commitments, your French
mortgage and the life assurance
cover.
* For French taxpayers, deduct your social charges from your monthly
income.
* For other nationalities, you can use your gross monthly income (do not
deduct tax)
Step by Step Guide
- Complete the mortgagefrance.com
on-line preliminary questionnaire.
From the basic information you provide we will be able calculate how much
you can afford to pay for a property, the maximum amount of mortgage you can
afford and what your monthly repayments are likely to be. Please feel free
to ask questions - we're here to help as much as we can.
- Contact some estate agents or property finders to help you find your
perfect property. View the property as many times as you can to assure
yourself it is exactly what you want.
- Complete the mortgagefrance.com
main questionnaire, which requires detailed information about
yourself and your property purchase, we will be able to advise and request
hard fact quotations from the French banks and mortgage providers who will
be most suitable for your mortgage requirements. You can then choose which
lender you prefer.
- Appoint your notaire and sign
the preliminary
sales contract (the Compromis de vente) and pay your deposit to
secure your purchase of the property.
- Contact us, mortgagefrance.com
with the good news and we'll send you the necessary application forms you
will need. You will need to supply other documents to support your mortgage
application, such as proof of identity, payslips, tax returns, bank
statements - we'll send you the list as well.
- Complete the mortgage application forms, gather together all the
supporting documents and send the whole package to mortgagefrance.com.
We will check your file and submit it to the lender for underwriting.
- The lender, after agreeing you meet all their criteria, the property has
been valued, and your life assurance application has been underwritten, will
issue their mortgage offer to you.
- You must wait at least 10 days, but no more than 30 days before accepting
the mortgage offer and returning it to the lender. When you sign the offer, you
are committed to the purchase, and the life assurance cover will
commence from that date.
- The lender will send the details of your mortgage offer to your notaire
who will then prepare a deed of sale for your signature.
- Arrange for buildings/property insurance to take effect from the
day of completion.
- Instruct the notaire to request the release of mortgage funds.
Notaires fees are now due and payable
- Sign the relevant documentation with your notaire and the
vendors.
- Many Congratulations! You are now the proud owner of your French
property.
If you would like to receive a guideline of the monthly costs and the maximum
you can borrow for a French mortgage, please complete and submit the on-line mortgagefrance.com
preliminary questionnaire we will send you the
information.
For hard fact quotations from the lenders who will be most suitable for your
mortgage requirements, please complete and submit the more detailed on-line mortgagefrance.com
main questionnaire. We'll request the quotations
and forward them to you.
Any Questions?
Just fill in the form below, and press the "Send" button
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