Mortgage in France > Guide > Steps to financing
6 Steps to purchase and finance a property in France
Sign a Preliminary Contract (Promesse de Vente)
Your first step is to choose a mortgage that suits your needs. Visit our Mortgage options page to find the right product, or use our handy French mortgage calculators to find out what you can afford.
Depending on you circumstances, you may want a fixed rate mortgage so you can be confident that the monthly payments won't rise within a certain period. Otherwise, why not check out our range of competitive tracker rate and interest- only mortgages.
Apply for a mortgage
Applying for a mortgage with GE Money Bank is as easy as filling out a loan application form. GE Money Bank offers an extensive range of French mortgages with many options for all types of private homes and with terms ranging from 7 to 25 years.
Open a bank account in France
You will have to open a bank account in France if you do not already have one. Your mortgage repayments will be directly debited from this bank account to credit your GE Money Bank’s mortgage account. GE Money Bank can also provide a fast and low-cost transfer service through it's partner, Moneycorp.
Wait until the end of the 10 day Cooling-off Period
Once your application for a mortgage has been approved, GE Money Bank will issue you with a loan offer. Upon receipt of this loan offer and in order to comply with the French Consumer Act, you have a 10 day cooling-off period before accepting and signing. However, the offer must be accepted within 30 days after the date of issue, otherwise it’s no longer valid.
Sign the Deed of Sale (Acte de Vente)
In France, all conveyancing business is handled by the notary public who will act on your behalf as a solicitor. The notairy public will ensure that all the necessary legal requirements are completed, and that the mortgage has been granted and accepted before the deed of sale is finally signed. Please note that the process before completion usually takes between 2 to 3 months.
Pay transaction charges
When buying through a real estate agent, you have to pay transaction fees. There are other charges including notarial fees, disbursements, taxes, various duties as well as all legal work and mortgage registry. In addition, VAT may be payable for the first purchase of properties under 5 years old.
The above steps are just given as indication and can not replace the advice of a specialist. Do not hesitate to contact our financial advisors for any more information. They will work with you to find the best solution for your needs.