emrys

hi
im looking to get a small mortgage 19k to put with my deposit on a property in france
it would not be a remortgage
ie had a few problems trying to get through to hsbc, barclays etc so would like a broker to get some quotes for me pref one that doesnt charge a fee
does anyone have any recommendations please
thanks

Chatter Static

As I recall you can't have a mortgage here for that amount it has to be higher I forget what the lowest amount is but it is about 50k, You would have to check with each bank as they pick and choose as they see fit. Not to mention that getting a mortgage here is not like the UK as the bank rarely visit the house being purchased and it's condition seems to be less to not a factor it's all about the person taking out the loan.

EuroTrash

It sounds as if you're in the UK but you are asking about a mortgate with a French bank and this might be difficult. French banks would want to see proof of secure employment in France, or several years business accounts, and they examine your monthly income and all your monthly outgoings (existing loans etc) to see what repayments you can afford. Under French law your total loan repayments, mortgage plus anything else you have on finance, can't represent more than a certain percentage of your income. Lending is far more tightly regulated in France than in the UK. It is also easier to get a mortgage on a new energy efficient property than on an old one, the bank will want to see the energy diagnostiques of the house you want to buy, and you get lower interest rates; this is all part of the government's plan to try to meet France's target for reducing its carbon footprint. If you have plenty of disposable income and secure employment you could try approaching a French bank direct though if it's going to be a holiday home they may not be keen because so many holiday home owners have got into difficulties paying the mortgage in recent years. Also as Chatter Static says you may find that there is a minimum amount that you have to borrow and a minimum repayment term. So one way and another it may not be easy but maybe there are brokers who know side doors, I don't know about that, but if there are I'm sure there will be fees involved.

emrys

hi
thanks for your replies
i was talking to hsbc and barclays (uk side) a couple of days ago and they said they can offer mortgages from 23000 euros but getting in touch with the french side is diabolical lol and they cant deal with it from this side
i have checked my credit with experian and it is all in green i am paying off my only loan in 2 weeks time and have 2 credit cards with about 700 owed but as it is paid by direct debit ive never missed any payments etc
so hopefully they will see me as a good payer
fingers crossed
x

EuroTrash

Sounds good, good luck.
As said above, French banks have totally different lending criteria. AFAIK the concept of a credit score doesn't exist over here at all - certainly it is nothing like the UK where they look at your credit history and it is an advantage to have had lots of credit before and paid it off. Many people in France have never had a car loan or a credit card or a finance agrement, their mortgage is the only loan they ever apply for, the culture is different, people are uncomfortable with loans. So French banks look at your incomings, your outgoings, the stability of your income and your recent banking history, and compute their decision on that.