How to find a mortgage broker in France

To obtain a mortgage in France as a non-resident, it will be advantageous to employ someone experienced in helping international buyers purchase in France. A specialist overseas mortgage broker will be able to find and talk you through current offers, and will ensure that the application process is completed correctly so that you don’t end up paying more than you need to.

Finding a mortgage broker in France

You should choose a reputable mortgage broker with experience in international transactions. There are several tried-and-tested ways to find and build a shortlist of brokers:

1. Online search: Start by searching popular search engines for mortgage brokers in France. Google, Bing, and Yahoo will be able to provide a list of brokers in your desired location.
2. Use local directories: The Pages Jaunes is the French version of the yellow pages, where you can search by business name or a location.
3. Ask your estate agent: Estate agencies in France will likely be able to recommend a mortgage broker who can assist you. Agencies often have partnerships with brokers, so it’s worth asking.
4. Recommendations: If you have any friends in France or know people who have moved, ask for their recommendations.
5. Financial institutions: Banks and other financial institutions in France often have mortgage brokers. You can contact the bank directly and ask if they have any recommendations.

Once you have a list of potential brokers, make sure to check their credentials. They should be registered with the French Regulatory body for financial services, known as the Autorité de Contrôle Prudentiel et de Résolution (ACPR). It can also be useful to check out their online reviews to read about the experiences of others with specific mortgage brokers. This should help you gauge the broker’s reliability and professionalism.

You’ll also need to ensure that your chosen brokers can speak English if French is not your forte. Many mortgage brokers in France have bilingual staff, and English-speaking departments, designed to make the process smoother for foreign buyers.

Benefits of using a mortgage broker

A French mortgage broker can help you:

• Navigate complex processes: French mortgage procedures can be intricate, especially for non-residents. A mortgage broker can help you understand the legal requirements, paperwork and eligibility criteria.
• Access multiple lenders: Brokers work with various banks and lending institutions. They can compare interest rates, terms, and conditions from different lenders, ensuring buyers find the best deal.
• Offer tailored advice: Brokers assess buyers’ financial situations and goals. They recommend suitable mortgage options, considering factors like income, credit history, and property type.
• Negotiate on your behalf: Brokers negotiate on behalf of buyers, aiming for favourable terms. They can often secure better rates or waivers on certain fees.
• Save time: Instead of researching lenders individually, buyers can rely on a broker’s expertise. This saves time and streamlines the process.
• Bridge language gaps: Brokers can assist international buyers who may not be fluent in French.

Selecting the best mortgage for your needs

Since the global financial crisis, lending conditions have become more stringent. In France, interest rates are lower than they were, but they are set by the lenders. These are usually influenced by the Euribor (European Interbank Offer Rate).

Lending criteria tends to be based upon a percentage of your income, typically to a maximum of 33%. However, there are exceptions to this and different interpretations of the rules. Some lenders believe it should be on gross income and others contrarily on net income.

As there are many different types of French mortgages available (Crédit immobilier), each with varying levels of criteria, it is important that you assess all your options carefully.

Generally, a mortgage in France will be for 20-25 years, sometimes extended up to 30-35 years.

Broker fees and services

Mortgage brokers typically charge fees ranging from 0.3% to 1% of the loan amount. These fees cover their services in finding the best mortgage options for you.

Brokers can access multiple lenders and various banks, ensuring a thorough search for suitable products. They negotiate on your behalf to secure competitive rates, offer expertise to help you, as a non-resident, understand the complexities of the French mortgage market and offer language support.