Five Tips for Improving Your Chances of Success when Applying for a French Mortgage.
French Mortgage Xpress, over the last seven years have processed more than 500 French Mortgages. It quickly becomes clear that some applications will fly through the approval procedure with almost 100% chance of success; while others are doomed to languish in “mortgage purgatory,” for what can seem like an eternity.
Matt Frost of French Mortgage Xpress tells us what makes the difference between a French Mortgage application that shines and one that smells less than sweet.
1. Be Thorough. Make sure all the information requested in the application form is complete and backed up with the relevant documentation—and don’t forget to sign and date the application form!
2. Be Organised. List the documents you have provided on a separate sheet of paper or email. This impresses the underwriter that you know what you are doing and have not just emptied the contents of your document box for the underwriter to pick through the rubble of your private papers.
3. Be Clear. Most underwriting teams actually want to pass your dossier. Help them by high-lighting incoming salary and out-going mortgage payments on your bank statements. Explain any large one-off payments and point out where your down-payment is coming from if it is in more than one savings account or in different currencies.
4. Be One Step Ahead of the Game. If self-employed, ask your accountant to prepare a short note confirming your income for the last two years together with a provisional figure for the current year. Similarly, for employed and self-employed applicants, a financial c.v. showing your professional career and earnings history is a nice addition to your file.
5. Be IT Savvy: Almost all documentation can now be scanned and sent electronically to the lending banks, including passports and application forms. This can speed up the procedure and cut down on waste paper.
Of course, each application is different; but by using the above tips you can help push your application to the top of the queue and significantly improve your chances of a successful French Mortgage application.
