The French Mortgage Process

THE PROCESS

It is worth noting that when you agree a house purchase in France you sign an initial contract entitled 'Compromis de Vente' It is essential that you have a clause inserted in this document that the purchase is subject to finance. If this is not done and you later withdraw from the sale you will lose the 10% deposit.

In order to help you through the process we take you through several stages

1             Establishing your Requirements. 

It is a good idea to discuss your project with us before you begin searching for a new property. We can then establish, in theory, how much money you can borrow and what the financial implications might be in terms of your budget.

2             Assessing Your Status. 

            Once we have established your requirements we can begin the process of obtaining an 'In Principle' decision from the lenders. This can be quite a protracted issue and the detail required by the banks can be microscopic. Once the bank have assessed your dossier they will make a decision. Our assistance, at this stage, can be critical.

3             The Offer. 

            After you have received an offer from the bank there is a ten day cooling off period. At the end of this time the banks will notify the notaire to whom the money will be sent. The notaire will organise a signing will the vendors and that will be that!

We are there to help at every stage of this procedure!