CLV FINANCE is an independent mortgage advisor and specialises in organising French mortgages for non French residents.
We have developed tailor made solutions to suit all our customers' needs. We are here to guide you all the way and provide you with the best deal available.
The CLV FINANCE mortgage guide includes everything you would need to know before applying for a mortgage in France.
Your contact is :
Nicolas Hamon
info@clvfinance.com
Tel : 0033 240 157 485
Fax : 0033 240 157 495
What are the criteria to be eligible for a French mortgage ?
Affordability criteria
One of the most important things to understand when buying a property is how much you can afford. In France, lenders calculate how much you can borrow differently to UK and Irish lenders. How much a client can borrow in France is not based upon income multiples at it is in the UK.
The affordability criteria is that all your monthly contractual financial outgoings PLUS the prospective French monthly mortgage payment should not exceed one 35% of your net monthly income.
However, for high earning applicants, buy to let investors or applicants with more than 20% deposit, the 35% debt ratio is not as strict. If you have any doubt, do not hesitate to contact us.
By contractual financial outgoings we mean debt servicing, so mortgage/rent, any car loan, bank loan, maintenance payments etc. By net income we mean after tax income, or take home pay.
Whether you are salaried, self employed, home owner or tenant, CLV FINANCE has the right French mortgage solution for you.
What is considered as income ?
The simplest income to judge is a salary. Self employed borrowers would have to show their income by tax returns and company accounts. Bonuses and dividends are taken into account if they can be proven over a couple of years. Pension income can be taken into account also. If you own buy to let properties, then we will need to see proof of rental income (lease contract, rent receipts) for any lender to take it into account, although they do not all include this income in their calculations.
If you are buying the property with another person, then all names must be on the mortgage too.