Raising finance can be the first, crucial step to realising your dream of owning an apartment or chalet in a French ski resort. So it's important to get professional advice early on in the buying process. nidski is able to help you buy your dream ski property.
All French Mortgages are in Euros and secured against French residential property. French mortgages are full status, this means proof of income and outgoings will be required to submit an application, as well as proof of identity and residence, bank statements and property details. To qualify for a mortgage in France a calculation is used to establish whether you can afford to maintain the mortgage repayments. French law doesn’t permit French banks to offer mortgages or other loans where repayments are more than 30% of your net income. This 30% includes existing liabilities such as other mortgage or rental payments, both in France and abroad.
The maximum loan to value available, for non-French residents, is currently 85% of the purchase price. This can include estate agent’s fees but not Notaire’s fees.
Both interest-only and repayment mortgages can be arranged. These can be on variable or fixed-rate basis, or a combination of both – though generally in France, most mortgages are granted on a fixed interest basis and are repayment. Terms can be from 6 to 40 years, loans must be repaid by the age of 80. Many French Mortgage products do not have any early redemption penalties.
Many French lenders are not prepared to lend under a minimum amount. It is generally not less than €50,000 but may be as high as €100,000.
Life assurance is mandatory with the majority of French lenders, many require borrowers to use their chosen provider. It may be possible to utilise an existing or new UK or French policy. Building insurance must also be in place for completion.
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