More and more people looking to buy a property in France are attracted to the country’s South and South-West regions. The departments in this area offer a warm climate, in addition to picturesque landscapes and charming architecture.
Furthermore, French property in the South and South-West regions tends to be cheaper than it is up in the Alps or on the Cote d’Azur. A variety of banks are on hand to provide French mortgages in this area, and they are used to financing the purchases of British and international buyers.
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Information correct as of 25/07/2016
Due to the European Mortgage Credit Directive and new FCA regulation relating to French mortgages, this page is in the process of being updated.
If you would like any information about the French mortgage rates currently available in this region please call the team on +44 (0) 207 484 4600, or request a quote here.
Here are some things to bear in mind before you start considering the French mortgages that may be available if you are buying in the South or South-West regions:
- The area is known for its property bargains. But please bear in mind that the minimum loan size for a French mortgage is generally between €75,000 and €100,000. You need to be careful when buying French property, to ensure that the new home is expensive enough to make a French mortgage feasible.
- Due to the economic turmoil of recent years, the surveys that lenders have carried out on properties in the region sometimes return values that are lower than expected. Always apply for pre-approval with a lender first, which will put you in the position to run a potential purchase past the bank’s underwriters before you commit to it.
- Your new French property will need to be habitable. A property may seem to be excellent value, but a French bank will only lend on it if it has running water, mains electricity, a solid roof and walls, and a fully-fitted bathroom and kitchen.
- Be careful if you are tempted by the purchase of a chateau or listed building. Such properties demand continual and costly upkeep, which will be another expense alongside your French mortgage repayments.
- The purchase of a vineyard represents a unique opportunity in this area. French banks will consider mortgages on such properties, but only for residential purposes. The bank is unlikely to take into account the value of the grape vines, nor the potential income that they may bring in.
- The south of France is popular with buyers from all over the world. If you live and work outside the European Union, different restrictions will apply to the French mortgages that retail banks make available to you. Make sure you check the situation with the different lenders in advance of your application.
- If you wish to let your property out to holidaymakers, be aware that buy-to-let mortgages do not exist in France as they do in other markets. Any potential rental income cannot be included as part of your French mortgage application, and you will therefore have to prove your existing financial situation is healthy enough to support the new French mortgage repayments.
If your dream is to purchase your own piece of southern France, be sure to get in touch with Mortgage France right away. Our team of specialist French mortgage consultants will analyse your circumstances and requirements, in order to pinpoint the right mortgage for you and secure a financial pre-approval. Make this the first step to turning your dream into a reality!