France's expat mortgage market is "one of the most active in the world"

14th May 2012

A foreign mortgage expert has suggested that those moving to France could be in luck when it comes to securing loans for property in the country.

John-Luke Busby from of mortgage specialists French Private Finance told the Telegraph that the French mortgage market is one of the most active in the world currently.

This means that those moving overseas to the country won't face a great deal of difficulties when securing a loan, with Mr Busby also claiming "rates do not change for expats, only the availability of the credit and the loan to value".

"The French mortgage market is one of the most active in the world with some of the best conditions for non-residents and also expats," he told the newspaper.

"Those expats working for a large international firm on a permanent basis can expect the widest number of offers from different banks."

As would make sense those moving to France with the security of a long-term contract are much more likely to be able to procure assistance for property than those with temporary or contract work.

However, on the whole, Mr Busby suggested that the mortgage market still remains active with terms of up to 80 per cent possible, although mortgages of 70 per cent are more normal.

He added that using a mortgage broker who knows the market well can prove invaluable with many organisations cutting back their mortgage availability, especially to those outside the EU.

"It is true that it is harder to find good deals than it was a year ago, which makes an experienced broker who knows the banks' criteria all the more useful," he added.

Also quizzed for his opinions was Tim Harvey of Offshoreonline who said that those applying for mortgages can often receive the 'Gallic shrug' from lenders.

This is where lenders will simply ignore a request, if they don't feel that it is acceptable them in the first instance.

"This 'Gallic shrug' needs to be borne in mind when considering time zones and distance if no feedback is forthcoming," Mr Harvey said.

 

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