• Buying in: St Jean d’Aulps
• Property price: €650,000
• Loan amount: €552,500
• Mortgage type: Repayment
• Mortgage term: 20 years
• Interest rate: 2.35% fixed
• Loan-to-value: 85%

The Background

Our client, a high net worth individual (HNWI), was looking into an existing property in the French Alps. Due to the recent Brexit changes, the criteria became different for UK residents wishing to apply for a mortgage in France. 

Our Approach

HNWI status is generally (for now) required to obtain a home loan, meaning that the income must be 150,000 GBP Net per borrower or having assets excluding the main residence worth 500,000 GBP. Unfortunately, when applying, both husband and wife must meet this criteria, and it was not the case for the latest. 

We solved this problem quickly when the clients told us that they intended to rent out the property most of the time, making them exempted from the HNWI requirement. The client had already lost a property deal at the end of last year so they were really keen to work as fast as possible to avoid any hiccups. We managed to build up the application quickly and from the moment we sent the file to the bank to the moment we got the mortgage offer, it took only 23 days.