Mortgages in France for Non-Residents

Getting a Mortgage in France

Obtaining a mortgage in France as a non- resident

I thought I would do a short post on mortgages in France, as there seems to be an inaccurate rumour circulating among my new, international second-home buyers from the UK that it is impossible to get a mortgage in France now.

That’s not true! As a non-resident who's not an EU citizen, it is possible to get a French mortgage. But of course, it is not quite as straightforward as before Brexit!

Here are a few points to bear in mind if you are looking to buy a home in France and what the banks will require before lending.

Applying for a Mortgage as an International Buyer

1. The process is a little slower (allow 2 to 3 months) and more document-heavy, but it is still doable.

2. Approval is a little more complex depending on the country of origin and your financial profile. There is no credit-rating in France so they need to know everything about you! Be patient!

3. The deposit tends to be higher than in other EU countries. Depending on the bank, aim for between 20 and 40% deposit, as the banks in France are more risk-averse.

4. French banks will not look at assets. Their main concern is the ratio of debt-to-income. Monthly repayments can never exceed a third of your total income.

5. In most cases, you will be required to open a French bank account. You need this anyway for your utility payments and local taxes.

6. There is a standard document checklist that banks will require. This includes:

- Valid ID

- Proof of address

- Proof of income: if self-employed, at least 3 years of accounts. Last 3 years of tax returns.

- Bank statements – the last 6 months showing income, savings, existing debt, etc.

- Mortgages on other properties if applicable.

- A good credit rating can help, but is not usually required by French banks.

- Information on the property you wish to buy, including a copy of the initial sales deed.

- Evidence to prove you can pay the deposit and notary fees.

Apply for a French Mortgage with Upscore

I help with all aspects of buying property in France, so I can assist with all of the above. I also have apartnership with UPSCORE.

They are a free digital mortgage broker and work with people from numerous countries, including the UK and the US. They specifically work with non-residents. I love working with them because they ease the whole process by offering a Finance Passport. This groups all your financial and personal information in a clear way to communicate to the various banks, saving you a lot of time and hassle.

The application is also fully remote and free of charge. You will have one advisor who will deal with you throughout. Visit Upscore to apply now!