Is a French mortgage right for me?

Nowadays it is quite straightforward to obtain a mortgage from a French bank to purchase a property in France. Many banks have all the necessary forms printed in English and have people who are fluent in the English language ready and eager to assist you.

There are many advantages also in having a French Mortgage; Euro mortgage rates are substantially lower than U.K. mortgage rates, sometimes up to 2% less.

They are more stable too, as they are influenced by the European Central Bank and so you are protected from fluctuations in the euro-pound exchange rates.

You can use the French property as security thus preserving the equity on assets in your own country.
You can also offset the mortgage interest in your tax declaration when the property is let out.
French consumer laws provide greater protection for you, the borrower. For example: you have ten days during which you can revoke your offer and if the mortgage is not approved the vendor is obliged to refund all monies paid to him in advance.

Applying for a mortgage from a French bank is pretty much the same as from a U.K. bank, with one difference, the French bank makes a calculation of your existing debts alongside the payments involved in your new mortgage to be sure that the amount you are paying is not more than 35-40% of your total gross income.

by Carole Hughes, AboutFrenchProperty.com - Copyright © About French Property