It is generally not difficult to obtain a mortgage to purchase your property in France. Firstly, when you sign the reservation contract at the sales office, you must have already decided whether or not you are going to take a mortgage out because you will be asked by the sales person to write out a sentence on the contract in French, and sign to say if you are not having one. At this stage you do not have to have agreed on it, just have decided yourself whether you are going to take one out.
Secondly you must have your mortgage arranged and agreed on before you sign your "acte de vente" at the notary, usually 1 to 3 months after you have signed your reservation contract. The reason for this is that once you have entered into a French property contract, which is legally binding, the only way you can get out of it, is if you have your mortgage turned down, so if you have signed to say you are not having one; it is extremely difficult to cancel it.
There are various options as to where to obtain your mortgage or funding from to finance your new purchase. French banks are becoming more and more aware of the importance of the mortgage market in France and as a result are very keen to lend money and at very attractive rates and terms. Currently as a non resident you can obtain a 20 year mortgage for 70% of the property value at between 3 - 5%. French mortgages can be arranged for acquisition, renovation and construction. Re-mortgages and Equity loans are also available through specialist lenders. A deposit of 20% of the purchase price is required and you will also be liable for solicitor's fees. Euro or Stirling mortgages are available. All mortgages should be fully repaid by the age of 70 and life cover is required. The mortgage is secured on the property in France.
