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EXPERT ADVICE LEGGETT MAGAZINE

Some French mortgage providers allow you to

obtain an agreement in principle before you have

found a property. There are a number of advantages

to this approach. Firstly it provides you with

peace of mind of how much the French bank will

be able to lend you subject to the valuation of

the property you buy. Secondly, it shows potential vendors

that you are serious about buying in

France and, just as importantly, that you are in a

position to move quickly.

It is important you are aware that different French

mortgage lenders are comfortable lending to clients with

different profiles and that each offer different

products. Using a French mortgage broker

will provide you with access to the widest possible range

of lenders and products. Furthermore it

is likely that they will be able to save you money

compared to approaching the lenders directly.

The European Mortgage Credit Directive (EMCD),

which came into effect in March 2016, also provides borrowers

with greater transparency during

the French mortgage process. A good French

mortgage broker will give you the best possible

chance of gaining a successful approval for your

French mortgage, however complicated your circumstances.

They will also be able to provide you

with guidance and support throughout the French

mortgage process and manage the timeframes to

ensure everything completes on time.

The Brexit vote has added an additional element of uncertainty for British and International

buyers of second homes in France. Here are 4 top tips from International Private Finance, the

leading French mortgage broker for non-resident buyers in France on what you can do to put

you in the strongest possible position to purchase during 2017.

Pole Position

Ensure your finances are in good order. In France

the use of debt and overdrafts is less common

than in the UK and elsewhere. The French banks

will therefore want to see that you aren't using

your overdraft for extended periods of time. The

French lenders will want to see that you have sufficient income

to regularly add to your savings

and that you are not stretching yourself too far in

purchasing a second home in France. Ultimately

the lenders want to feel confident that your current

levels of income will comfortably allow you

to afford your new French mortgage.

Remove as many potential delays as possible. Just

like the process of purchasing a property itself

there can be any number of reasons why a delay

could occur. These include the type of property

and location that you are buying, the property

valuation and the French mortgage provider's life

insurance requirements. The advantage of using

a French mortgage broker is that in understanding your

situation they will be able to proactively

manage any potential delays. One example is that

through the broker's strong relationships with the

banks they may be able to request the valuation

of the property be instructed at a much earlier

point in the process than would be normal, thereby

saving you time further down the track.

Stay up-to-date with the latest French mortgage

rates and visit:

www.ileggett@internationalprivatefinance.com

For further information call the team:

+44 (0)207 484 4642 or email:

leggett@internationalprivatefinance.com

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