Mortgage rates in France for non-resident buyers are at an all-time low, which compared to other European Markets, offer buyers an incredible opportunity to save money on the cost of purchasing a property in the French Alps.
International buyers are starting to realise the importance of the hugely competitive deals on offer now in France, particularly in terms of being able to fix rates over a long period, up to 20years, taking away any uncertainty or risk over future affordability.
When comparing the French mortgage market with the UK market, there are now very clear distinctions in favour of a French mortgage. Mortgage applications in the UK are now subject to as high, if not higher levels of forensic affordability checks, the long term rates are lower in France and quite simply now the application process is easier, when comparing it to the UK.
In France, they can take much more of your overall financial situation into account, allowing you to spend up 33% of your gross monthly income on a French mortgage, the average of the previous 2 years bonus plus any commission and dividends received can also be factored in. There are deductions for personal loans and maintenance payments which must be taken into account, however expenses such as school fees, insurance costs and entertainment expenses are excluded. Therefore providing a much clearer way of calculating how much a buyer will be able to lend.
What we are seeing more and more is that the new low rates are proving to be of interest to all buyers’ right across the spectrum. This includes those with budgets over €3m, who may have traditionally been cash buyers, but are now choosing to finance their purchase through private French banks.
We work closely with knowledgeable and experienced Overseas Mortgage Brokers , who have access to all the best rates across France, please contact me for more details, email@example.com