Helen, 47, an accountant from Kent, recently wrote to us having had a bad experience approaching a bank directly for a French mortgage.
” The main reason for not going with that bank is our previous experience with them and also the experience of a friend of mine here in France. We both feel they ask more questions and require more information then is reasonable, they take a long time to reach a decision and then change the goal posts between offering a decision in principle and making the final offer”
Sadly this experience is not uncommon but it is where we can help. My top 5 tips for dealing with a dynamic rate and bank attitude environment such as this is to:
– Begin investigating mortgage options as early as possible in the buying process and get a decision in principle from a broker.
– Ensure you qualify for life assurance and find out if you will require a medical exam.
– Ensure all paperwork for the loan application is as complete as possible prior to signing a Compromise de Vente.
– Once you are ready to purchase send the completed file to an independent broker who is aware of the criteria and can place the application quickly with the right bank to match your profile.
– Sign and return all documents as quickly as possible to keep the momentum going as the longer the file is in process, the more likely criteria can change or rates increase.