Mortgages in France - How much can I borrow
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How much can I borrow & what proof of income is required?
There are no non-status/ self-certification mortgage facilities available in France, however renting out your property is permitted, therefore all loans need to be supported by a minimum of, proof of income. If you are employed, you will need to produce, your last three months payslips, P60/employers reference and your last 6 months personal bank statements. If you are self-employed you will need copies of your Audited Accounts together with you last 12 months business, and 6 months personal bank statements.
The Lenders in France will not take into account any proposed rental income from the property that you wish to buy.
Your loan will be based on your personal (or joint) 'net' pay, and is calculated on an affordability basis. For you to be considered by the lenders in France you total out-goings must not exceed 40% of your net monthly income.
A simple example; If your total net monthly income is £1,000, your total out-goings must not exceed £400, you must have £600 per month to be put towards the mortgage repayments to be considered.
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