Finding the right mortgage lenders when living abroad tends to be like searching for a needle in a haystack. In France, select lenders do offer mortgage financing for applicants living abroad and earning income in a foreign currency. Homevest can help you compile your application and put you in touch with the right banks from the comfort of your own home.
France combines it all - historic cities, rural vineyards, and vast sandy beaches. If you are looking to buy your next property, be it an apartment in the ambient city center of Paris or Lyon, or a villa near the sandy beaches of Biarritz or Côte d'Azur, you have arrived at the right place to get an overview of your mortgage financing options.
If you are a part of the 2 million French expat population living scattered across the globe, it is also worth mentioning that you can be eligible for better terms for a cross-border mortgage. Read on to learn more about non-resident mortgage terms in France, or get in touch with our team to get the process started immediately.
When being a non-French resident, banks will apply more scrutiny to your application and require more thorough documentation before granting a mortgage. This is to solidify that your economy is stable and assure your capability to repay the loan in accordance with the financing agreement.
The first and foremost factor affecting your mortgage terms is your country of residence, which in most cases also dictates the currency in which you earn your income in:
Other mortgage terms include:
Also bear in mind that your application documents will likely need to be translated into French, but some lenders accept English translations or originals. Homevest has a solution in place to accommodate this without any added effort from your side.
There are three types of mortgages available for financing property in France - property lien, institutional guarantee, or a conventional mortgage. Non-residents will almost without exception be offered the conventional type including a necessity to include a notary (charging around 2% of the mortgage value) that ensures that all terms of the mortgage are met by the applicant and lender.
In terms of interest repayments, French lenders can offer three types:
A platform for mortgages
Homevest is a pan-European mortgage and homebuying platform. We strive to bring the mortgages in the 21st century.