Renting a French property before buying it
Iwas considering asking the vendor if they would consider allowing me to rent the property with a view to buying once I’m established in France. Is this something that can be done in France? I ask as I have also been told that once I am a French resident, paying into the system, I will be entitled to a 100% mortgage. Karen Davis
Fiona Watts, Managing Director of International Private Finance (internationalprivatefinance.com) replies: Yes this is possible, subject to the vendor agreeing to it. This is becoming increasingly common with buyers wanting to ‘live in’ the property before they buy it; and is a great way to get to know the local area, noisy neighbours etc!
Once you are a resident of France, you will be able to access more preferable rates and a higher loan to value.
A 100% mortgage is still possible but the banks will have very stringent financial criteria that you will have to meet and they will examine your professional situation as well as the location and condition of the property you wish to buy in great detail. Remember they reserve their best rates for those that can put in at least 20% equity.