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Mortgage for 2nd property in france


JillCookson

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Before we approach the bank, would be interested to know as long as we supply necessary proof of income, is it possible to have more than one mortgage in france if we wanted to buy a second property out there, do they take any rental income into account, i know there is the specific rule of not more than 30% of your outgoings, any advice appreciated.

Thanks
Jill
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>Before we approach the bank, would
>be interested to know as
>long as we supply necessary
>proof of income, is it
>possible to have more than
>one mortgage in france if
>we wanted to buy a
>second property out there, do
>they take any rental income
>into account, i know there
>is the specific rule of
>not more than 30% of
>your outgoings, any advice appreciated.
>
>
>Thanks
>Jill

In fact the rule is that your monthly credit payments must not exceed 1/3 (33.3%) of your *net* monthly income. E.g if you earn 9000/month after taxes, pensions, SS etc, then the total of all credit card payments, car/other loans + mortgages etc should not exceed 3000.

On the rental they should take it into account if it has been properly declared and accounted (for French purposes).

If you are resident the 2nd house will be subject to capital gains. If you are non-resident they will both be subject to capital gains.

regs

Richard




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