Mortgage Guidance

Fortier is a reliable source of local knowledge and expertise for non residents purchasing a property in France.

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Mortgage Guidance

Fortier is a reliable source of local knowledge and expertise for non residents purchasing a property in France.

Get in touch

Notre Savoir Faire

KNOWLEDGE AND EXPERTISE

Fortier’s understanding of the lending environment guarantees a smooth, well-informed, and personalised experience when securing an international mortgage.

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Attestation de Financement

While the qualification certificate is optional, it can be included in the real estate purchase offer.

In a competitive real estate market, it is crucial to independently verify your financial standing.

Given the regulated nature of the real estate loan broker profession, we are capable of providing our clients with an advisory document, ensuring transparency and informed decision-making.

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Key Considerations

Source of wealth
Lenders will request information on the source of wealth, and this can be validated by examining a borrower’s curriculum vitae to reinforce their creditworthiness.
Income verification
Each borrower’s income must undergo verification, which should be confirmed by a public or chartered accountant. This process is particularly crucial for business owners and entrepreneurs, as it ensures a comprehensive assessment of global income over a three-year period.
Contractual outgoings
Contractual outgoings must be substantiated with signed documentation to reinforce the feasibility of your mortgage application with lenders. Providing this supporting paperwork ensures transparency and enhances the credibility of your mortgage application.
Origin of funds
The origin of funds must be verified at the beginning of the mortgage application process, and the deposit should be transferred to the notary office for authentication. This upfront confirmation ensures transparency and compliance with regulatory requirements in the mortgage application procedure.
Translation
Translation of paperwork may be necessary for international clients, particularly for foreign investors who do not have documentation in English or French. This ensures clear communication and understanding throughout the mortgage application process, accommodating clients from diverse linguistic backgrounds.
Timing
Timing is crucial as the sale process typically spans 2 to 3 months on a case-by-case basis. Seeking advice sooner rather than later proves advantageous for all involved parties, allowing ample time for comprehensive planning and smoother execution of the real estate transaction.
Mortgage Insurance
Mortgage insurance might become a necessity, so it’s essential to openly and honestly discuss your situation with your advisor to ensure comprehensive guidance tailored to your specific needs. Transparent communication allows for a thorough assessment of whether mortgage insurance is advisable in your particular circumstances.

Expert Mortgage Broker in France

Liam established Fortier in 2021, navigating the challenges of a global pandemic and the midst of Brexit-related uncertainties.

With more than a decade of living in Nice as a proud British expatriate, Liam utilised his wealth of experiences, knowledge, and industry contacts to create a specialised debt advisory service in Europe tailored for high net worth individuals.

Beyond his professional endeavors, Liam engages in road cycling, conquering both gravity and the picturesque landscapes of southern France.

Prior to relocating to France, he was a high-performance scholarship student and completed an MA in international business.

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Closing Costs

When purchasing a property in France, buyers should be aware of various closing costs, which can add a significant amount to the overall expense. It is advisable to allocate approximately 8% to 9% of the purchase price to cover transaction costs.

Below is an overview of the expenses linked to property transactions in France.

Notary fees.
Frais de notaire is registration fees, and taxes that typically range from 7% to 8% of the purchase price for existing properties. It’s crucial for buyers to be aware of these fees as they constitute a significant portion of closing costs, impacting overall financial considerations during real estate transactions. Consulting with a professional can provide a clear breakdown of these fees, aiding in transparent and accurate financial planning.
Mortgage registration
Additional cost associated registration of mortgage, and typically ranges between 0.8% to 1% of the loan amount. However, this can vary depending on the property and geographic location.
New developments (VEFA)
When purchasing a VEFA (Vente en l’Etat Futur d’Achevement) it’s interesting to consider lower notary fees, typically ranging from 2% to 3% of the purchase price.
Refinance & equity release
Anticipate that the notary fee is likely to be lower than the purchase fees. Before exploring financing options, it’s crucial to verify these expenses by consulting with a notary or mortgage broker for precise and up-to-date information. The assessment of costs is unique to each case, contingent upon the mortgage registration and property holding structure.
Property Agent fee
The amount can differ based on the transaction size, and it is usually covered by the seller at a set percentage, which can range from 3% to 6%.
Valuation fee
One of the most important, and crucial parts of a large mortgage is the valuation report to confirm the security value for the lender. In most cases, properties valued above €2,000,000 will require a valuation report from an independent organisation. This should be discussed with the broker and bank.

French Property Buyers Guide

01 : Agent

Select a trustworthy agent who has a proven track record in handling international clients.

02 : Mortgage Qualification

Securing the attestation de financement involves some paperwork, but it will significantly aid your agent and strengthen negotiations with sellers.

03 : Notaire

We advise engaging only with notaries who are proficient in English.
If you’re looking to secure a mortgage (or without) it’s important to confirm:

  • Borrower.
  • Holding structure of security (personal name or SPV).
  • Marital regime.
  • Contingent to mortgage or not.
  • Source of funds.

04 : Offer

Non-binding offer is accepted between buyer and seller. If the sale of property is subject to finance, the borrower should be seeking independent advice and fully aware of their obligations.

05 : Sale Agreement

A written contract between buyer and seller which sets out the main terms of agreement. It will distinguish a closing date and any financial contingencies.

After signing the sales agreement, the buyer has a 10-day withdrawal period, allowing them to retract without justification or compensating the seller.

06 : Closing

In most cases, the buyer is granted a three-month window to secure funding for their real estate project, although this period may be shortened for cash buyers. Conversely, under specific circumstances, extension of this timeframe is possible, contingent upon obtaining the written consent of the seller. This flexibility accommodates varying financial arrangements and ensures that both parties involved have a clear understanding of the timeline for the completion of the real estate transaction.