Hello Mikey

A warm welcome to you.

In answer to your questions, there are three options .....

1, Buy for cash - a simple and straightforward option.

2, Re-mortgage your apartment to raise the capital, and then buy for cash - again a fairly straightforward option.

3, Apply for a mortgage on the property from a French bank, but many of the French banks and mortgage providers have minimum lending limits, usually about 40k or 50k, although I do know of one mortgage provider that has a minimum loan of 30 000E.

The high street banks, local to where the property is, would most probably be your best bet for mortgage finance (the French banks will only lend in the surrounding area that is local to them). With their knowledge of the local area and property prices they are more likely to offer mortgage finance on a property with a low purchase price.

On a purchase price of 30 000E, you will need a deposit of at least 20% (maybe 30%).

It is possible for mortgage finance to include the costs of improvements, but.... you will need to provide written estimates from tradesmen who are registered as such in the French system and have the necessary insurances to cover their work. The banks will not finance improvement works that you are doing yourself.

For mortgage finance, the French banks work to a fairly strict rule about income vs expenditure, in that they allow a person to use only one third of their monthly income to service any existing loans or financial commitments, and has also to include the monthly cost of the French mortgage as well.

Whether you choose to have the mortgage in just your name, or that of your wife, or jointly, is entirely your choice, but subject to complying with the third of income rule.

I hope that helps you

Carole Bayliss
mortgagefrance.com