France is a popular destination from the UK due to its close proximity. It is possible to get from London to Paris in just over an hour by plane and unlike other destinations, France can be quickly reached, by rail, car or good old fashioned ferry.

When buying or selling a property in France there is a legal requirement for a French Notaire to give their stamp of approval to ensure that the sale/ purchase of the property has been carried out in the right and proper manner.

Notaires are appointed representatives of the French government and as part of their duties they will check that the property title deed is correct and when a mortgage is involved they will need to confirm this to the bank before any mortgage funds are released.

The person buying or refinancing the property carries the cost of the Notaire and although their duties are of a legal nature, clients will still require a separate solicitor to act on their behalf in order to help them purchase the property.

Mortgages are generally available across mainland France and Monaco, however please consider that some lenders do not like to lend on properties that contain gites (holiday home available for rent).

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The price of properties advertised for sale in France will usually include the agent’s fees. Although most mortgage providers will still lend against the total purchase price including the agent’s fees, they will not take into account any additional legal fees that the property purchase incurs.

In addition to the mortgage some French lenders will require the applicant to take out a life cover policy (usually when the mortgage exceeds 50% LTV) and open up a bank account with them in order to make the mortgage payments.

Mortgages for non-residents are currently only available in euros, with no pound sterling options available.

All the mortgage providers in France usually provide a decision in principle service and securing a mortgage offer in France can typically take between three to four weeks.

All this means it comes as no surprise that the number of mortgage enquiries that we receive from Brits looking to buy a property in France is second only to Spain. However unlike Spain, the economy, banking and property market is much more stable and the finance available to foreigners is more competitive.

Here are some key facts about the mortgage options currently available for foreigners in France:

Lowest variable rate 2.1%.
Lowest fixed rate 2.6% (6 year fixed)
Smallest loan size considered €21,500
Largest loan size considered €10,000,000

Max LTV 85% LTV for all property types
Min time employed 3 months
Min time self employed 2 years
Interest-only Options available up to 75% LTV, over a max 14 years, with mortgages available from €21,500

Minimum age 18
Maximum age 80
Min loan term available 5 years
Max loan term available 25 years

For more, click HERE