Getting your French mortgage with CA Britline
Whether you have found your dream home, planning a new build or renovating a property– we can help
|French mortgages at competitive rates|
Why take out a French mortgage?
Moving to France to find our ideal home is a dream for many. Buying a new house, building our own home or pursuing a property investment opportunity are also popular aspirations.
If so, a French mortgage can help you realise your project. If you need finance to purchase a property in France, it makes sense to start thinking about your mortgage now, giving you the confidence to proceed with buying your new French home.
Mortgage interest rates continue to be at historic lows, making monthly repayments affordable for property purchase in France. CA Britline – part of one of France’s largest banks - can offer mortgages to those who are permanent residents in France as well as non-residents. Tailored to your needs and your pocket, we have some of the best mortgage rates on the French market or around.
Your CA Britline mortgageA mortgage with CA Britline is useful for: -
- Buying a property as a main residence or as a second home in France.
- Constructing your new French property (including building costs).
- Undertaking renovation work on your French property.
- As a bridging loan if both properties are in France.
- Re-mortgaging with CA Britline (switching from an existing French lender).
We make the process of applying for your French mortgage easy, helping you to understand our lending policy and requirements at every stage.
Let’s now look at French mortgages in more detail including how to apply for a one loan with CA Britline.
Buying a property with a French mortgage
If you buy a property with a mortgage from a bank in the UK, most loans are as a capital repayment loan (with a variable or fixed rate mortgage) or an interest only mortgage.
However, in France most mortgages are fixed rate repayment loans, providing the homeowner with stable monthly payments over the whole term. Variable rate mortgages are also available.A French mortgage fixed interest rate is for up to 25-years compared to an average of 5 years in the UK.
The ‘loan to value’ ratio is an important calculation when assessing the affordability of your mortgage. This figure shows the amount of the loan compared with the value of the property/purchase price. Please contact us to discuss this and other information about CA Britline’s lending criteria.
Affording to repay your mortgage loan
Like other French banks, CA Britline will need proof of monthly income together with other financial information to determine whether your mortgage is affordable. Typically, this includes details of your monthly outgoings after tax including any existing loans, employment and other assets.
When you agree the purchase of your property, you need to pay a 10% deposit to secure the sale. Don’t forget to budget for the purchase costs, too. Examples include the mortgage arrangement fee, a valuation survey and notary fees (the price of which is fixed by French law).
If you are buying a French property as a renovation project, remember to consider any associated costs. These can be included as part of your mortgage application. You will need to obtain written quotations in this instance.
Finally, under French law it is a legal requirement to take out mortgage insurance protection.
You also need to arrange buildings and contents insurance for your property. We can provide a free quotation for this and all your insurance needs.
Applying for your Britline mortgage
Applying for a mortgage with CA Britline is easy. Our friendly team of English-speaking advisors are available to help you through the process and explain any queries you may have.
There is a range of documentation that you need to provide as part of your application, such as bank statements, proof of income, annual loan statements for existing mortgages and details of your project. Full explanations are on the application form.
Once our team has assessed your application, checked the additional documents and are confident you’ll be able to meet the repayments, a decision in principle (DIP) will be made based on the type of mortgage and repayment term.
Please note: borrowers must sign a sale and purchase contract for their property in France and have opened a CA Britline account before we issue our formal Mortgage Offer.
What is included in your mortgage offer?When your mortgage application is approved, we will send you a preliminary offer including details of:-
- The 10-day cooling off period.
- Duration of the offer.
- Early redemption payments.
- Insurance cover and other information.
The mortgage offer includes the following :-
- Amount borrowed.
- Loan duration.
- Type of mortgage (e.g. capital repayment or interest only).
- Interest rate (APR).
- Mortgage protection insurance.
- Redemption penalties.
Once you have signed your offer we will contact you to arrange your Home and Contents cover in time for the signing of the final Acte de Vente with the Notaire.
The completion of the sale is subject to obtaining the loan. If the sale does not proceed, the seller must reimburse any financial costs.
Transferring funds to buy your property in FranceThe Britline International Payments Service can arrange for money to be transferred for the purchase of your new home in France. No Transfer Charges. Competitive rates. Peace of mind that your money is always safe and secure.
Mortgage protectionMortgage protection is life insurance cover in the event of death, permanent invalidity and for French residents only temporary incapacity to work. It is an essential part of any French mortgage. In the case of your death, the policy will pay off the remaining balance of the mortgage depending on how you decided to be covered when putting the mortgage insurance in to place.
Managing your mortgageIf you wish to discuss any issue relating to the mortgage of your property in France, such as repayments, changing the payment term or additional borrowing please get in touch.
A loan is a commitment and must be repaid. Check your ability to repay the loan before making the commitment.
Our mortgage loan agreements are governed by French law and, from 1 January 2021, will not be treated as regulated mortgage contracts under UK law where entered into on or after that date.
Under the condition that your mortgage file is accepted by your Caisse Regionale de Credit Agricole, lender. You have a cooling off period of 10 days to accept the mortgage offer. The completion of the sale is subject to obtaining the loan. If this is not achieved, the seller must refund your payments.