Using a French Mortgage Broker

You don’t need to use a mortgage broker to apply for a mortgage in France – it is possible to approach lenders directly and most French buyers do just that. However, the added complexity of many foreign buyers’ situations, coupled with their lack of knowledge of the local mortgage market and French language skills, mean that this might not always be as straightforward as it seems.

Employing the services of an independent mortgage broker has multiple benefits. Here are some of the ways they could help.

Access the entire market

From French national banks to private banks and lenders, each mortgage lender in France offers different mortgage products. A mortgage broker will give you access to the entire market, including options you might not be aware of.

Increase your chances of finding the right mortgage

Each lender also has different eligibility criteria and you may not qualify to borrow money from all the banks, particularly if your circumstances differ from what French banks consider the norm – such as being self-employed or being tax-resident in a non-European jurisdiction. A mortgage broker can save you time by finding lenders that suit your individual circumstances.

Help you with your mortgage application

You will only get one shot at applying for a mortgage and French banks will be scrupulous in analysing your financial situation. If your income is complicated, this will need to be explained very carefully in order for your application to be considered. A knowledgeable mortgage broker will be able to advise on requirements and help you to present your case in the most attractive way for lenders.

Navigate language and cross-cultural differences

A good French mortgage broker will speak fluent English and French ensuring they will be in pole position to look after every aspect of the transaction to ensure it proceeds as smoothly as possible. Speaking fluent French will allow them to liaise with any third parties involved in the transaction such as the notaire, agent or builder. They will also have a good understanding of both your domestic financial services market and the French mortgage market. This cross-cultural understanding will allow them to better explain any differences, as well as managing your expectations about the process and what is involved.

Benefit from the best rates

Employing an independent mortgage broker means that they are working for you and the goal is to get you the best rate possible. Some might be able to negotiate exclusive deals or access products not available when approaching the lenders directly.