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Mortgage & financial advice French and other European banks have developped specific products for non French residents buying a property in France. Crédit Foncier , partner of wwww.FrenchNotaire.com, is a credit institution specializing in real-estate and asset financing for more than 150 years.   A Many people purchase a permanent or second home in France with a mortgage. Everyone’s situation is unique, but in simple terms you have two options. Borrow in your own country, through specialist lenders for overseas properties, or borrow in France through French based banks.   B 1 -Common features of French mortgages Loans are available, in euro, to the majority of non-residents for the purchase of the property and additional works (contruction, swimming pool,...) 80% maximum loan to value of the purchase price and/or additional expenses and works Terms 5-20 years or age 70 Capital repayment is the predominant lending type The mortgage should be covered by a suitable life insurance 3 times your gross annual income is a typical maximum borrowing amount Mortgage cost (frais d'hypothèque). Mortgage must be registred by the Notaire in the Land Registry at a cost of around 0.4 to 1% The administrative process from application to disbursment can take up to two months. It is advised you contact your bank prior to entering into any provisional contract. 2 -Fixed rate mortgage The mortgage rate is fixed for the whole term so you'll know exactly how much you will have to pay in euro and how many payments you'll have to make. If you take out a fixed rate mortgage, the option to convert it to a variable rate mortgage at a later date is not available. There is, usually, an early redemption charge payable on any fixed rate mortgage. 3 - Variable rate mortgage Variable loan rates are linked to the variations in the European Central Bank lending rate Euribor The monthly payment on your loan usually remains stable when rates change, with the loan term varying according to the rate movement. Loan rates are usually reviewed quarterly. There is usually no redemption charge for early repayment with standard variable rate loan and, of course, you can often convert it to a fixed rate mortgage at any time.   On line loan simulation request Our partner Crédit Foncier has prepared calculation tools for your attention. a tool to calculate the maximum amount of your loan a tool to estimate your monthly installments © Web Edition & Communication