Applying for a loan - STEP 1
Once you have found the property, you need to sign the preliminary contract (with a withdrawal clause -"Condition Suspensive") and pay the 5-10% deposit. At this point you have 10 days to apply officially for a loan and generally 40 days to obtain a written offer from the French mortgage lenders .
Once you have found the property, you need to sign the preliminary contract (with a withdrawal clause -"Condition Suspensive") and pay the 5-10% deposit. At this point you have 10 days to apply officially for a loan and generally 40 days to obtain a written offer from the French mortgage lenders .
Mortgage Illustration - STEP 2
If we haven't already sent you a mortgage illustration at this stage we need to confirm your choice of product and send you a final illustration.
If we haven't already sent you a mortgage illustration at this stage we need to confirm your choice of product and send you a final illustration.
Fill in the mortgage application and send the required documents - STEP 3
You need to send the documents at the bottom of this page or on the list we will send you with the application form. These documents have to be scanned in PDF format to us with the filled in application form. You can send them in several emails if necessary (AT THE SAME TIME). Please don't send your documents over several days as this makes things difficult of us to manage.
You need to send the documents at the bottom of this page or on the list we will send you with the application form. These documents have to be scanned in PDF format to us with the filled in application form. You can send them in several emails if necessary (AT THE SAME TIME). Please don't send your documents over several days as this makes things difficult of us to manage.
We will process the application with the banks - STEP 4
The bank will let us know if they need any extra documents or if they have any questions. This is the part of the process which takes the most time. It is dependent on the information you have sent and this is why the more you are thorough the faster it goes.
The bank will let us know if they need any extra documents or if they have any questions. This is the part of the process which takes the most time. It is dependent on the information you have sent and this is why the more you are thorough the faster it goes.
The loan offer - STEP 5
Following approval of your French mortgage, you will receive an offer letter which gives details of the terms and conditions relating to your particular loan. As with all loans, there is a statutory 11 days cooling off period required by French law. Once you have received your loan offer we will check the conditions with you and help you through the process of sending it back to the bank.
Following approval of your French mortgage, you will receive an offer letter which gives details of the terms and conditions relating to your particular loan. As with all loans, there is a statutory 11 days cooling off period required by French law. Once you have received your loan offer we will check the conditions with you and help you through the process of sending it back to the bank.
Funds - STEP 6
Once you have signed the mortgage offer and sent it back to the bank they will send the funds to the notaries when he asks for them.
Once you have signed the mortgage offer and sent it back to the bank they will send the funds to the notaries when he asks for them.
Paper work required for a Mortgage application
If you can provide all this information it will often save valuable time to get a decision.
Some banks may ask for extra information before giving a decision. Paper work generaly needed by French banks for your mortgage application are :
Personal information (ID)
Copy of all borrowers’ passports
Copy of marriage certificate if applicable
Copy of divorce agreement if applicable
Proof of home address (utility bill, council tax, etc)
Information about the property you are buying
Copy of signed reservation contract
Financial details
Proof of personal contribution (savings account, bonds etc)
Last 3 months bank statements, for each borrower, for all accounts.
Proof of any extra income.
You will need to provide tax returns showing rental income, pensions and dividends.
If you rent your main home : rental agreement and proof of the rent you pay.
If you have other loans, you must provide monthly statements showing the loan amount, monthly payments, and the loan - expiry date.
Employment details – employed borrowers
Last 3 months pay-slips
Last 2 P60s
Employment details – self-employed borrowers
Last 3 Tax Form 11s for Irish borrowers
Certified accountant’s letter stating income for last 2 years
Last 3 years company accounts
Application forms
Mortgage application forms
Life insurance questionnaire
French bank account
If you don’t have a french bank account we can help you to open one however it is compulsory to have a French based euro bank account.
Life cover
For the majority of french mortgages, mandatory life cover must be taken out. A medical examination may be required depending on the loan amount, the age and/or state of health of the applicant(s). Otherwise, you simply fill in a medical proposal form which is forwarded with the loan application.
For the majority of french mortgages, mandatory life cover must be taken out. A medical examination may be required depending on the loan amount, the age and/or state of health of the applicant(s). Otherwise, you simply fill in a medical proposal form which is forwarded with the loan application.
IMPORTANT INFORMATION
The banks in France no longer accept equity release as part of your deposit for a French property. The funds you invest in the project have to come from savings. Please contact us if you have any questions about this.
The banks in France no longer accept equity release as part of your deposit for a French property. The funds you invest in the project have to come from savings. Please contact us if you have any questions about this.