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To qualify for a mortgage in France a calculation is used to establish whether you can afford to maintain the mortgage repayments.
This will automatically happen when you complete the application form, and Mortgage Helpline International won't charge you for this service.
How much can I borrow?
Calculation based on
the valuation or purchase price, whichever is the lower
Up to 100% of LTV available for house purchase, or 85% for remortgage or home improvements
Based on joint gross pay, where joint income is
applicable
Existing liabilities, e.g. mortgage or rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed French mortgage payments. All this
must not exceed 33% of your monthly gross income. Part of the rental income (up to a maximum of 80%) may possibly be taken into account, if there is an existing rental contract in place.
What evidence of income do I need?
If you are employed:
Your last three month's payslips
Your latest P60 or Employers Reference
Your last three month's personal bank statements
If
you are self-employed:
Your last two year's signed accounts
Your last two year's personal tax returns
Accountant's declaration
Your last three month's personal bank statements.
Example
mortgage payments
If, for example, your gross joint monthly income is £2,500, 33% of this equates to £825. If your only liability is your mortgage payment, of say £300, this would leave a balance of
£525 for your French mortgage repayment.
What types of French mortgages are available?
For our latest rates and to see the different types of French mortgages on offer, please contact
us.
Euro loans are available on a Repayment basis up to 90% and Interest only up to 85%. Loans in other major currencies are available up to a maximum of 75%. Loans for Leaseback type properties are
available up to 100% of the NET Purchase Price
The maximum term of any mortgage is 30 years, this varies on the type of loan
Repayment, Fixed Interest, Interest Only and Capped Rate mortgages are
available
The minimum loan you can take out is €50,000
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