The 6 best reasons to get a Loan Pre-Approval for your French Mortgage

1. Getting a formal pre-approval letter from French Mortgage Xpress can tell you the maximum a lender is likely to loan you for your new French Mortgage, which will help you narrow down your property search to within the price range you can afford.
2. You can get an idea of what your monthly re-payments will be for your French Mortgage on your new property in France.
3. You’ll have more credibility with the real estate agents and with vendors if your French Mortgage is pre-approved. Some agents won’t take you seriously until you have the pre-approval. They don’t want to waste their time, or yours. If you’re making a special trip form the UK this is vital.
4. French Mortgage loan approval takes time. If you wait to apply for a French Mortgage after you’ve actually made an offer, you could lose out on the property to someone else who already has the finance in place or has their French Mortgage pre-approved.
5. The lender can often lock in an interest rate, which protects you if rates rise while you are looking for your new property.
6. Pre-approval gives you at least some peace of mind, which you will appreciate during the often stressful process of buying a home, especially one in another country.

Don’t confuse loan pre-approval with pre-qualifying for a French Mortgage. Lenders will often pre-qualify a would-be buyer based on what you tell them about your income, employment and basic credit information, like how much you currently owe on credit cards or other loans. The lender is not agreeing to loan you money or committing to an interest rate. But the process can tell you whether it makes sense to move forward in your home search.

Loan pre-approval is a more formal process. You’ll need to provide your Independent French Mortgage Broker a lot of information about yourself, especially about your income and outgoings and general spending and saving habits.

If you get pre-approved for your French Mortgage, you’ll receive a letter telling you the maximum loan you can get and some sample interest rates you could qualify for.

The 1st step in arranging this Pre-Approval letter is to complete the on-line French Mortgage Quote Request Form or give us a call on +33(0)4.92.98.80.70

Property in Opio enjoys magnificent views of the surrounding woodlands and rural provencal landscapes. Due to the exceptional micro-climate, roses and jasmine flourish in the Opio region and are used by the local perfume industry in Grasse. To accompany these fragrances is the vast olive grove at the Grand Bastide, which is one of the largest in the region and can be purchased from the 15th century mill that is one of the last still operating in the region.

As an owner of a property in Opio, you will be close to all the modern amenities plus, only 25 mins from Nice International airport and a short drive to coastal towns of Cannes and Antibes. If you’re a golf fan then you are spoilt for choice with many spectacular course only a short drive away.

The village of Opio boasts a population of just over 2,000 and covering over 9km² means you will enjoy a great deal of tranquility while wandering through the village street and the many forest walks.

There is a large range of property for sale in the area of Opio from the large secluded family villa with a pool in Opio to the smaller 2-3 bedroom houses set in the surrounding hills and forests. Much of the property for sale in Opio is well kept and will benefit from spectacular views.

As an owner of a property in Opio you are also very near to other wonderful villages such as Valbonne, Mougins and Roquefort les Pins. There are many restaurants only a short drive away and even a ClubMed perched on a hillside with tennis, swimming, golf and many other activities.

Property in Opio and its surrounding areas are in great demand and this in turn has increased prices over the past few years. The area is serviced by excellent road, rail and air links and the public transportation/buses is fairly regular and incredible value.

With some research and help from local real estate agents, there are some great properties in Opio for sale. No matter what your budget or requirement for swimming pools or gardens, the area of Opio can offer the property buyer a wide selection to buy.

So, Opio could well be the perfect location for an investment property or even a second home on the French Riviera. However, your first thought should be how you might fund the property purchase in Opio. You will need the impartial advice of an Independent French Mortgage Broker preferably based near Opio in Valbonne. When the French mortgage broker is based near to your property they will be in a better position to handle the mortgage application with more efficiency and speed. They will have regular meetings with the regional bank officials and these close relationships will only benefit the clients of the French Mortgage Broker and in turn benefit their clients.

If you’re looking for a piece of hidden beauty close to the airport and beaches – yet far enough of the tourist trail then buying a property in Roquefort les Pins is the one for you. Roquefort les Pins can offer a superb quality of life for a retired couple to families with young children, the international schools are close as are all the modern conveniences.

Buying a property in Roquefort les Pins will be better value than the coastal towns of Cannes and Nice and be cheaper than the more touristy villages of Valbonne and Mougins. So if you don’t need to be in the ‘thick of things’ and on the tourist trail, Roquefort les Pins can offer the property buyer some great deals.

Roquefort les Pins is situated close to many of the regions best golf courses, 20 minutes from Nice International Airport, 25 mins to the coastal towns and beaches of Cannes and Antibes and only a short 50 minute drive in the winter months to the closest ski resort of Greolieres or La Colmiane. So, and a buyer of property in Roquefort les Pins even thought the village itself might be quiet, there is really no shortage of attraction throughout the year to keep you and your family busy.

Property in Roquefort les Pins is close to all the regular amenities and essential shops that you could possibly need, plus a swimming pool, great sport facilities and a good range of festival sand activities throughout the year.

With some research and help from local real estate agents, there are some great properties in Roquefort les Pins for sale. No matter what your budget or requirement for swimming pools or gardens the area of Roquefort les Pins can offer the property buyer a wide selection to buy.

So, Roquefort les Pins could well be the perfect location for an investment property or even a second home on the French Riviera. However, your first thought should be how you might fund the property purchase in Roquefort les Pins. You will need the impartial advice of an Independent French Mortgage Broker preferably based near Roquefort les Pins. When the French mortgage broker is based near Roquefort les Pins they will be in a better position to handle the mortgage application with more efficiency and speed. They will have regular meetings with the regional bank officials and these close relationships will only benefit the clients of the French Mortgage Broker and in turn benefit their clients.

Under the proposed tax scheme, owners would have been forced to pay 20%  of the theoretical annual rent that could be gained from the property to the government.

It was estimated that the move would affect around 360,000 residences, including those owned by French nationals who live abroad but have retained a property in their home country.

Joelle Garriaud-Maylam, one of the nine senators who was at the meeting with President Sarkozy at the weekend, commented: “The president told us he had been convinced the law was a bad idea and has taken a decision to scrap it!”

The announcement is likely to come as a relief to those with second homes in the country, as non-resident property owners already pay two taxes to the French government.

In the recent Knight Frank Global House Price Index, France was the best-performing European nation, reaching sixth position in the table of 50 countries after its property prices registered annual growth of 8.7 per cent.

Well, if you can answer YES to the following questions then we’d like to talk to you about your options for an equity release on your French property.

1. Do you have a joint or single income of over €100,000?
2. Is the proposed equity release no more than 50% of the property value?
3. Do you have existing savings, investments etc of more than €150,000

French Mortgage Equity Release Mortgage rates:
Standard variable equity release: loan 20 years and an interest rate of 3.95% variable or 4.5% fixed
Interest Only equity release: loan 15 years and an interest rate of 4.2% fixed

Chateau Grimaldi originally build as a Roman Fort was rebuilt in the 16th century; still preserving it Roman Square and Roman Tower, now housing a Musee Picasso. There are many other notable sites worth visiting; the 17th century Cathedral with its magnificent altarpiece. The musee of Archeologique forms part of the fortifications and contains many important collections for the history of Antibes.

Located on the southern point of Cap d’Antibes is the Musee Naval et Napoleonien housed in a fortified round tower, known as the Batterie de Grillon. The well preserved 12th century ramparts now form the seafront boulevard from which a fine view can be had of Nice and the mountains behind the urban areas.

Antibes is the second largrest town in the Alpes Maritimes region and offers the residence and tourists alike an immense variation of landscapes and attractions and coastlines to enjoy. Antibes has become a major tourist destination helped by the creation of the Port de Plaisance (yachting harbour). The port is packed with luxury yachts and plays host to the Antibes Yacht Show every April.

Many of the full time and part time residence of Antibes live in mix of luxury property in Antibes from secluded luxury villas in Antibes to penthouse apartments in Antibes town. Much of the property for sale in Antibes has a Mediterranean feel with some other properties for sale in Antibes following the traditional provencale villa design.

There is a large range of property for sale in the areas of Antibes from the multi-million euro property for sale in Cap d’Antibes to the small city centre apartments for sale in Antibes town itself, close the market with its narrow cobbled streets. Much of the property in Antibes town is well kept and decorated with flowers climbing the walls or in flower boxes decorating the window sills of the Antibes apartments and village house.

The residents of Antibes enjoy a vibrant atmosphere throughout the year with the many festivals and activities both on the water and on land. There are many restaurants and bars and clubs for those who want to experience the night-life Antibes has to offer.

Property in Antibes and its surrounding areas are in great demand and this in turn has increased prices over the past few years. The area is serviced by excellent road, rail and air links. Nice International airport is only a short 20 minute drive from the property in Antibes.

There are many luxury golf courses and family attractions such as Marine Land which is said to be the largest marine park in Europe. This tourism development has helped to increase the price of property for sale in Antibes, however, if buying a property in Antibes for an investment, the rental yields can be quite attractive.

So, Antibes could well be the perfect location for an investment property or even a second home on the French Riviera. However, your first thought should be how you might fund the property purchase in Valbonne. You will need the impartial advice of an Independent French Mortgage Broker preferably based in Valbonne. When the French mortgage broker is based in Valbonne they will be in a better position to handle the mortgage application with more efficiency and speed. They will have regular meetings with the regional bank officials and these close relationships will only benefit the clients of the Valbonne French Mortgage Broker and in turn benefit their clients.

A good French Mortgage Broker will be able to source a wide range of French Mortgage deals on your behalf, and will then put forward the ones that offer the best value in terms of interest rates and monthly repayments to suit your specific needs. All you have to do is complete one simple application form, which saves you the hassle of having to complete an application form for each bank in which you are interested.

An established French Mortgage Broker will already have formed links, contacts, and relationships with a wide range of French Mortgage lenders. The broker will therefore know which lenders would cater best for your particular needs. The team at French Mortgage Xpress has regular meetings with the various bank personnel and this in turn helps to speed up the application process and overcome any potential delays. Again, vital if you’re in another country and buying in France.

Using a local French Mortgage Broker is a great way to get a good value, affordable French Mortgage that is tailored to meet your needs and circumstances. It is also an excellent solution to getting a good French Mortgage deal without having to put in the hard work yourself.

French Mortgage Xpress has been operating it the South of France for over 6 years. The personal relationships we have built up with all the major lending banks in France offers the purchaser a huge advantage when looking for a French Mortgage. Being on the ground and having the ability to speak and meet the lending bank personnel undoubtedly helps to move the application forward at a greater speed.

Poor weather coupled with the unwelcome emergence of the ash cloud served to suppress demand during the spring and early summer in 2010. The ability to travel across continents without flying saw demand come from more central European buyers than has been typical of the last five years. The autumn market however, saw a welcome return of UK-based buyers, fueled in part by the partial strengthening of the pound.

For these reasons, properties across the South of France continue to sell, and where more proactive vendors have lowered their asking prices in line with market
sentiment, they have sold in reasonable time frames.

This area has been consistently popular with British and northern European buyers, albeit for different reasons. There are many different options for buyers whether they prefer the more rural settings or wish to be on the coast or behind the vibrant coastal towns of Cannes and Nice is areas such as Valbonne, Mougins or St Paul.

Russian and other former Soviet territories continue to demonstrate strong interest in waterfront and sea-view properties, particularly in Cap Ferrat, Cap d’Antibes and Cap Martin. A five-bedroom villa on the west side of Cap Ferrat overlooking the bay of Ville Franche-sur-Mer could command upwards of €20m.

Matt Frost from French Mortgage Xpress says “There are however, many people picking up bargains within the price range of €500k – €1m, we’ve seen many sellers reduce their prices over the last year to simply sell the property, however, some people might say that the initial prices were indeed too high. So, what we’re seeing is a lot of properties that were initially priced at over €1m have come down to a more realistic prices and ‘surprise – surprise’ they’re now being snapped up!”

The French banks are still playing their cards close to their chests in terms of passing loan offers, but if you can demonstrate a stable income, a decent level of deposit (40%) and your financial commitments are well below the 1/3rd indebtedness – then your mortgage application will be treated swiftly and fairly.

Consider appointing your own English-speaking notary to coordinate the transaction

Step 2
You will sign the Compromis de Vente (sales agreement), ensuring that it contains the ‘Clause Suspensive’ stating that the purchase is dependant on the obtaining of a French Mortgage. If the bank declines the loan then all monies including the deposit will be returned to the buyer in full. There will be a time limit for applying for the French Mortgage stipulated in the ‘compromis de vente’. Normally this is around 30-45 days.

Normally the date set for signing of the title deeds of the property are set around two months after signing the compromis de vente. This is the time it takes for the notaries and the authorities to take care of all the due diligence procedures associated with transferring the title deeds of a property.

It is important that the financial details of the operation: the loan amount, the name of the lending bank, the French interest rate and the length of the French Mortgage are defined in the compromis de vente to avoid problems later. In many cases we suggest you fax a copy of the compromis de vente to French Mortgage Xpress so that we can ensure that the financial details of the purchase are correctly defined to protect your interests.

If you do not intend to obtain a French Mortgage, you are expected to write in your own handwriting that you intend to give up your rights under the law. This is not always wise, since should you subsequently decide to obtain a French Mortgage, and fail, then you will lose your deposit.

French Mortgage Xpress will describe the different types of French Mortgages available to you and will help you to select the best type of mortgage based on your circumstances and the banks’ lending criteria. French Mortgage Xpress will send you a quotation to give you an indication of your monthly payments on the French Mortgage and will ask you to provide some basic financial details.

At this point you may wish to appoint your own notary to oversee all aspects of the transaction. Contrary to many reports, the appointment of your own notary does not incur any extra costs. French Mortgage Xpress can recommend English-speaking notary services at no extra cost to the purchaser.

Be wary of signing a compromis de vente without the escape clause in the event of your mortgage not being approved.

Step 3
You complete the lenders application form provided by French Mortgage Xpress for your French Mortgage along with a medical questionnaire and send it to French Mortgage Xpress together with photocopies of the supporting documentation required.

The application form and medical questionnaire will need to be returned in original form along with photocopies of all of the other documentation required.

Use the French Mortgage Xpress checklist of documents to be provided. The more complete the documentation, the faster your French Mortgage can be processed.

Step 4
French Mortgage Xpress staff check all documents and will confirm receipt by e-mail/fax and advise you of any documents still to be provided. French Mortgage Xpress then passes the documents on to the lending bank for a “first reaction.”

French Mortgage Xpress at this point can arrange the opening of a French bank account.

Step 5
The lending bank will provide French Mortgage Xpress with the first reaction. This usually consists of a conditional approval subject to the obtaining of any missing documents from the original list. French Mortgage Xpress conveys this report from the bank to you.

Step 6
You supply missing documentation (if any) to French Mortgage Xpress, which is passed on to French bank. The dossier, once complete, then proceeds to the French bank’s lending committee for final approval.

Step 7
At the same time the bank will authorise an independent evaluation of the property to be purchased. It will be necessary to coordinate with the owner/real estate agent for the independent evaluator to access the property.

Make sure French Mortgage Xpress has the contact details of all the relevant parties in the transaction in order that we can short-cut any potential problems.

Step 8
Within 10 days of receiving all the required financial information, the lending bank will be able to give a decision on your French Mortgage application. Often the response is “Yes” – subject to medical insurance.

Step 9
Once all the medical formalities have been taken care of, the French Mortgage offer will be issued and sent by post usually to your normal address. A duplicate will be sent to your notary so that they can start drawing up the final documents for the title deeds. The notary needs a copy of the French Mortgage agreement before he/she can draw up the final documents and will at the same time be able to calculate all the notary fees including the land registry fee which is a percentage of the French Mortgage loan amount. The notary will be able to tell you the exact amount of these fees at this stage you should be ready to pay them by a French bank cheque on the day of signing.

Make you’re your local GP completes the medical forms provided by the bank. Most medical officers representing the banks will not accept medical information more than three months old.

Step 10
Once you receive the loan offer, contact French Mortgage Xpress who will give you precise instructions on how to complete the acceptation letter and answer any questions you may have about your new  French Mortgage. Remember, under French law, there is an 11 day cooling off period before you can legally accept the bank’s loan offer for your French Mortgage.

Step 11
The loan acceptance offer has been returned to the French bank. The bank will transfer the funds you have borrowed to the notary usually in the 48 hours preceding the date set by your notary for signing the final act. You will arrange for the transfer of the down payment plus notary fees to the notary’s account. The notary is responsible for informing you of the precise sums. Make sure you leave sufficient time for the funds to arrive in the notary’s account; especially if the funds are being sent from abroad. You may wish to use the services of a specialist foreign currency provider to obtain the best exchange rate. French Mortgage Xpress can advise you on this issue.

Ask French Mortgage Xpress for advice on currency exchange and transfer procedures.

Step 12
Congratulations! Finally you sign at the notary’s office. Be prepared for a minimum of two hours at the office. Usually a translator is provided for a small fee, payable to the notary by French bank cheque on the day. It may also possible to sign by proxy; you should set up this arrangement well in advance with your notary.

Note:
Your first French Mortgage repayment will come from a direct debit you have set up with a French bank. Within six weeks the bank will also draw down any bank arrangement fee as stated in the loan offer (usually between 700 and 1200 Euro). You should make sure there are sufficient funds in the French bank account to cover both the first monthly payment and the bank’s arrangement fee.

Remember your property is at risk if you do not keep up your French Mortgage payments!

Once such French Mortgage Rate is a 3.90% with a 30% down payment.

Terms:

• Minimum loan amount £100,000
• 7-15 year term
• A fixed term is possible of up to 8 years with a rate of 4.30%
• For a more detailed explanation call our team now on: 33(0)4.92.98.80.70 or simply complete the ‘Request a Quote‘ form