Hi everyone,
I just went through the process of finding a mortgage here in france and i thought i would share my experience.
I was refused by my bank (credit lyonnais) on the grounds that i haven't been with the bank long enough. I have a friend who just got a mortgage with them and he wasn't even a customer. They refused me even though I have over 25% for a down payment and my partner is french and we are both 'cadre'.
Other than being offended, this didn't affect me much since the interest rate was too high.
One thing to know when you choose a bank: you must have a normal account at the same bank from which you take a mortgage, and have your income directly deposited into that account. Also, it's worth choosing your bank wisely because when you open a PEL, after 3 years, the PEL helps you to get a good interest rate, but only at the bank in which you have opened the PEL. Actually, I don't know how helpful it is because if you end up choosing a different bank, you loose the benefit of having a PEL anyway.
so i almost signed with BNP for a rate of 4.95%, but we weren't happy with the assurance, so we went to an independent assurance office. We found out something: if you go to one of these without having signed a mortgage and you haven't been recommended to go there by a specific assurance company, then the independent assurer can help you find a better mortgage and assurance than you could on your own.
For us he was able to call BNP and immediately get a 4.70%. we also chose an assurance at 0.15% (well below the 0.40% that BNP offered).
So, to get the mortgage as an expat, I just had to provide a lot of papers:
last 3 pay stubs
last 3 months' bank statements
last 3 months' edf/gdf bills
an attestation from my company
the house papers (with specs on size)
passport with carte de sejour
my rent contract with proof of payment of rent
and that was it.
I hope this helps others of you trying to do the same thing.
I just went through the process of finding a mortgage here in france and i thought i would share my experience.
I was refused by my bank (credit lyonnais) on the grounds that i haven't been with the bank long enough. I have a friend who just got a mortgage with them and he wasn't even a customer. They refused me even though I have over 25% for a down payment and my partner is french and we are both 'cadre'.
Other than being offended, this didn't affect me much since the interest rate was too high.
One thing to know when you choose a bank: you must have a normal account at the same bank from which you take a mortgage, and have your income directly deposited into that account. Also, it's worth choosing your bank wisely because when you open a PEL, after 3 years, the PEL helps you to get a good interest rate, but only at the bank in which you have opened the PEL. Actually, I don't know how helpful it is because if you end up choosing a different bank, you loose the benefit of having a PEL anyway.
so i almost signed with BNP for a rate of 4.95%, but we weren't happy with the assurance, so we went to an independent assurance office. We found out something: if you go to one of these without having signed a mortgage and you haven't been recommended to go there by a specific assurance company, then the independent assurer can help you find a better mortgage and assurance than you could on your own.
For us he was able to call BNP and immediately get a 4.70%. we also chose an assurance at 0.15% (well below the 0.40% that BNP offered).
So, to get the mortgage as an expat, I just had to provide a lot of papers:
last 3 pay stubs
last 3 months' bank statements
last 3 months' edf/gdf bills
an attestation from my company
the house papers (with specs on size)
passport with carte de sejour
my rent contract with proof of payment of rent
and that was it.
I hope this helps others of you trying to do the same thing.
