We have provided you with a set of proposals for mortgages which you should be eligible. Please note that these are often only the mortgages which are best suited to your profile and your requests. If you can’t see the type of mortgage you’re looking for within the proposals, let us know and we’ll review the proposals with you to ensure that you find what you’re looking for.
Once you have found a suitable property, you will be asked by the agent or notary to sign a Compromis de Vente. This is a legally binding contract in which you are promising to purchase the property. If your intention is to use a mortgage to purchase your property, you should insure that a Clause Suspensive for obtaining a mortgage is inserted into the contract.
BEWARE: the Compromis de Vente will often specify a certain time in which you should apply for the mortgage and obtain a mortgage offer. Failure to comply could lead to you loosing your deposit if you’re unable to obtain a mortgage.
To apply for a French Mortgage you will be asked to supply a lot of paperwork to support your application. Please ensure you leave yourself enough time to ensure that you can apply for your mortgage before the date specified in the Compromis de Vente.
We recommend that you send your application to us by email or fax in a first instance. This will enable us to ensure that everything is completed correctly.
We will need to receive your original application and insurance forms by post after we have checked they are completed correctly.
Once we have received your mortgage application we will check through it and submit it to the lender for review.
We may ask you for additional documents at this stage if we consider your application is incomplete or not presented to its advantage.
We’ll request proof of application from the lender which we will forward to you by email so that you are able to forward to the notary/vendor.
The lender will review your mortgage application usually within fourteen working days from receiving it and will advise if any further documents are required before submitting it to their underwriters for a decision.
Once they submit your application for a decision, depending on how busy the underwriters are, we expect to hear back within one to seven working days. We remain in regular contact with the lender during this time.
The lender will also need to arrange a visit to the property in most cases. We will let you know if this is required.
Normally at this stage the underwriters will give a decision although sometimes they may ask for clarification on certain points or even some more documents. This isn’t uncommon and is because the French lenders have to build up a profile of your financial situation and don’t have credit checks to rely on like UK based lenders do.
We will discuss the lenders decision with you and discuss possible alternatives. Sometimes lenders change their criteria suddenly so your case may suddenly fall outside of their lending criteria. With your permission, we will seek an alternative mortgage straightaway. We will also request proof from the lender that the mortgage has been refused.
Once the underwriters have decided to lend, it will often be subject to insurance or subject to a valuation of the property.
We will liaise with the lenders, your notary, agent and vendor and yourself in order for these conditions to be fulfilled as quickly as possible.
You will also need a French bank account open at this stage so that the lender has all the information for the direct debits. We can assist you in opening a French bank account as part of our service, free of charge.
Once the lender is satisfied that the above points are all in order, they will issue you with a mortgage offer which will be sent directly to your home address. We are on hand to help you understand the offer once you have received it.
Please note, that from the day you receive the offer you must wait 11 days before signing and returning it. Returning the offer before this time will void the offer meaning that the lender will need to issue with a new one.
The mortgage offer is valid for one month from the issue date, so it is important that you return it as soon as the 11 days are over.
Once you return your mortgage offer the lender will then forward a copy to your notary who will draw up the mortgage deed. The mortgage deed will be signed at the same time as your property purchase so everything is now in your notaries hands! The notary will call upon the funds directly from the lender at the time of completion.
Your mortgage repayments will start according to the terms and conditions of your mortgage offer.