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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