French mortgage

[randlemarcus]

Anyone had a good experience with a French mortgage broker, for a residential mortgage on a property over there? One of the estate agents is saying that postBrexit, things have become tricky...

[smifffymoto]

Try the French forum.

[TTOBES]

Give International Private Finance (IPF) a call.

Not a customer but I used to work with Simon, Fiona and the team to guide their clients through their FX requirements.

http://www.internationalprivatefinance.com/

[rdjohn]

I am not aware that there are brokers in France - everything in finances seems to be tied to an institution.

Can I suggest that you give them a call at https://www.britline.com At least you will get a straight story, in English. They are part of Credit Agricole and work with HIFX to transfer funds, if required.

I tend to use them for everything in France. You will discover that competition is not strong anywhere in France, they just tend to talk “partnerships” and “market share”, and in that respect CA have clout.

Can’t see why Brexit should have made a big difference. There are plenty of other 3rd Country nationals living there. You will need to sort out the nature of your residency with your local prefecture, in tandem

[randlemarcus]

rdjohn said:

I am not aware that there are brokers in France - everything in finances seems to be tied to an institution.

Can I suggest that you give them a call at https://www.britline.com At least you will get a straight story, in English. They are part of Credit Agricole and work with HIFX to transfer funds, if required.

I tend to use them for everything in France. You will discover that competition is not strong anywhere in France, they just tend to talk “partnerships” and “market share”, and in that respect CA have clout.

Can’t see why Brexit should have made a big difference. There are plenty of other 3rd Country nationals living there. You will need to sort out the nature of your residency with your local prefecture, in tandem

Allegedly, it's in anticipation of non-EU nationals only being able to borrow 60% LTV. Might be estate agent FUD, might also help with negotiation.

Thanks both, will have a couple of chats. No rush, not jumping into anything.

[anonymous-user]

Martin Heathcoat did ours. Was ok, but if you’re prepared to do the legwork you can get a better deal by going direct to the bank. The international deals are not great.

[Magooagain]

I have a French mortgage but I am resident in France. It's with Credit Agricole.

I had to show three years earnings to qualify for the mortgage.

It may be the same for the op if going through a French bank.

You can't put other property's etc that one owns against a mortgage. Law in France is that even if you go bankrupt a borrower can't take your home away from you.(principle residence).

[anonymous-user]

Magooagain said:

I have a French mortgage but I am resident in France. It's with Credit Agricole.

I had to show three years earnings to qualify for the mortgage.

It may be the same for the op if going through a French bank.

You can't put other property's etc that one owns against a mortgage. Law in France is that even if you go bankrupt a borrower can't take your home away from you.(principle residence).

A lender, you mean?

[randlemarcus]

Direct to the bank it is then. In theory, and everything else being equal, it ought to be simple. PAYE, so no issues with pay history, going to be resident in France, and should be able to intra-company transfer to our French lot.

[Magooagain]

bulldong said:

Magooagain said:

I have a French mortgage but I am resident in France. It's with Credit Agricole.

I had to show three years earnings to qualify for the mortgage.

It may be the same for the op if going through a French bank.

You can't put other property's etc that one owns against a mortgage. Law in France is that even if you go bankrupt a borrower can't take your home away from you.(principle residence).

A lender, you mean?

Yes,sorry but it was early.

Good luck op.

[trunnie]

Not sure if it works for non-residents but meilleurtaux.com might be worth a try. Our mortgage is with LCL (part of Crédit Agricole Group), as it's on staff terms.

[cedrichn]

I didn't understand: do you live in France and have your income in France ?

It is really common for French to use brokers, as they can get better deal than individual: they go to banks buying "per lot" a lot of mortgages, so they can negotiate better deals than individuals (you don't have the same lever effect when borrowing couple of hundreds thousands VS couple of millions euros...).

[randlemarcus]

cedrichn said:

I didn't understand: do you live in France and have your income in France ?

It is really common for French to use brokers, as they can get better deal than individual: they go to banks buying "per lot" a lot of mortgages, so they can negotiate better deals than individuals (you don't have the same lever effect when borrowing couple of hundreds thousands VS couple of millions euros...).

That's the plan, not the current reality. Currently employed by the UK arm of a global company, work anywhere. Thinking is to up sticks completely, residence in France, employed by French bit of company, and carry on working anywhere.

[anonymous-user]

I would get some tax and pension planning advice before making any rash decisions about residency.

In any case I have a house for sale near the border of Geneva. :-D

[ClaphamGT3]

Credit Agricole Britline

[cedrichn]

randlemarcus said:

That's the plan, not the current reality. Currently employed by the UK arm of a global company, work anywhere. Thinking is to up sticks completely, residence in France, employed by French bit of company, and carry on working anywhere.

You will have better rate (and more possibilities) for the mortgage if you are resident in France, incomes in France and tax payer in France.

Some time ago, I looked at buying-to-let in France while working and being tax resident in UK (I am French). Tax aside, I would have had worse rates and conditions for a mortgage than my friends who stayed in France. Banks and brokers said that you are more "at risk" as you are in another country, so in case of issue, it makes things more complicated and more expensive for them, hence higher rate.

I would advise you to talk to some banks and broker. As said, brokers are really common in France. I guess they will advise you to move to the French branch, rent for a year, and then you can have good rates. Also, renting a year will allow you to know better the area before buying.
But.....this is if you want to stay in France for some time Don't know what is happening if you leave and rent the property: worth talking to them about this possibility too.

Good luck Lovely country, great food, strange people

[Mike-tf3n0]

Credit Agricole Britline. Back in the day when I was still working in the UK I had a mortgage on our French property with CAB which was very easy and well managed. Twenty years ago moved to France on retirement and now mortgage free have continued to bank with them ever since. As others have said, they offer all the services you might need and in proper English, invaluable when you are still finding your feet in France!

[Doofus]

I mortgaged through BNP.

[Macron]

randlemarcus said:

That's the plan, not the current reality. Currently employed by the UK arm of a global company, work anywhere. Thinking is to up sticks completely, residence in France, employed by French bit of company, and carry on working anywhere.

I did pretty much that, and when I moved to Fr I didn't get the relocation package which meant I didn't get financial advice foc.

It might be worth speaking to HR to see what they give, it might not be free if you're making a personal choice to move, I asked and they gave me the list.of contacts, Inc two brokers.

[randlemarcus]

Thanks all. Will try HR, not holding out much hope, as they are generally useless (like most HR).

Have quietly dropped the idea of an orientation tour in April