Why Get Loan Pre-Approval?
The 6 best reasons to get a Loan Pre-Approval for your French Mortgage
1. Getting a formal pre-approval letter from French Mortgage Xpress can tell you the maximum a lender is likely to loan you for your new French Mortgage, which will help you narrow down your property search to within the price range you can afford.
2. You can get an idea of what your monthly re-payments will be for your French Mortgage on your new property in France.
3. You’ll have more credibility with the real estate agents and with vendors if your French Mortgage is pre-approved. Some agents won’t take you seriously until you have the pre-approval. They don’t want to waste their time, or yours.
4. French Mortgage loan approval takes time. If you wait to apply for a French Mortgage after you’ve actually made an offer, you could lose out on the property to someone else who already has the finance in place or has their French Mortgage pre-approved.
5. The lender can often lock in an interest rate, which protects you if rates rise while you are looking for your new property.
6. Pre-approval gives you at least some peace of mind, which you will appreciate during the often stressful process of buying a home, especially one in another country.
Don’t confuse loan pre-approval with pre-qualifying for a French Mortgage. Lenders will often pre-qualify a would-be buyer based on what you tell them about your income, employment and basic credit information, like how much you currently owe on credit cards or other loans. The lender is not agreeing to loan you money or committing to an interest rate. But the process can tell you whether it makes sense to move forward in your home search.
Loan pre-approval is a more formal process. You’ll need to provide your Independent French Mortgage Broker a lot of information about yourself, especially about your income and outgoings and general spending and saving habits.
If you get pre-approved for your French Mortgage, you’ll receive a letter telling you the maximum loan you can get and some sample interest rates you could qualify for.
This process is of particular importance when your employment status is not the norm,
as within the Yachting Industry and maybe you have no taxable income.
2.45% repayment loan, minimum 20% deposit
Captain, Engineer or a Crew Member on a Superyacht looking for a French Mortgage?
French Mortgage Xpress has been working within the French Mortgage field in France since 2004 and has assisted many clients within the yachting industry to purchase properties in France. Knowing some of the difficulties that a ‘non-tax status’ can bring, French Mortgage Xpress are perfectly placed to offer you a bespoke product designed specifically for people working within the yachting industry and looking for a French Mortgage.
Why Invest in French Riviera Property
Property ownership in the French Riviera has been a firm favourite with the Yachties for many years. Driven by strong growth rates and good investment yields for the owner and investors alike non-resident ownership in France has being growing especially during the past 10 years. Traditional ferry routes improved by cross channel road and rail links, extensive road networks and the ever expanding budget airline flights into an increased number of French airports has made travelling across the channel more accessible and even cheaper.