• Buying in: Cannes
• Property price: €1.24m
• Loan amount: €930,000
• Mortgage type: Repayment
• Mortgage term: 20 years
• Interest rate: 2.25% fixed
• Loan-to-value: 75%

The Background

It is no secret that cash buyers have more negotiating power than clients who rely on a mortgage. However, that did not stop our clients from getting a good price for their apartment in Cannes.

Our Approach

While they had to secure finance to be in a position to proceed, FPF came up with a plan to make sure they would not risk losing their deposit without signing the compromis de vente with a mortgage clause. We compiled all the documents required to support the mortgage application part of the sale contract. After obtaining the first approval, the clients had to sign the compromis in order to obtain final approval. This gave us a 10-day window to secure the agreement from the committee. The mortgage offer was issued within the following week.

Now, it is important to outline that the borrower’s profile was very straight forward. With only two income sources derived from high-paying jobs, one mortgaged property (their main residence) and only one joint current account. In addition, the clients were extremely organised and reactive which made our job easy.

Lastly, this strategy can only work with one of our banking partners as most will not study a file without a countersigned compromis de vente.