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Finding Mortgage Lending on a Chateau

Finding Mortgage Lending on a Chateau

Get Started

Retiring to the south of France, or relocating with your family to enjoy a relaxed culture is an expats dream - but finding a mortgage on a French chateau can feel like an impossible task!

The Revolution Brokers team works with many clients looking for mortgage lending on overseas properties, wanting to take advantage of low property prices, but needing professional advice to get their application started.

Here we'll summarise all you need to know about mortgaging a chateau property - for further assistance, please contact the Revolution team on 0330 304 3040, or email us at info@revolutionbrokers.co.uk.

The following topics are covered below:

Can I Get a Mortgage in the UK for a Chateau in Europe?

Can I Get a Mortgage to Renovate a Derelict Chateau Property?

Can I Get a Mortgage on a French Chateau to Move Into Permanently?

Are There French Chateaus for Sale for Commercial Use?

What is the Purchase Process to Invest in a Chateau in France?

What Eligibility Factors Will Impact my Mortgage Application for a French Chateau?

Expert Advice on Mortgages for Chateau Properties Abroad

Can I Get a Mortgage in the UK for a Chateau in Europe?

You can - there are two different options:

  • Arranging a mortgage with an international mortgage provider.
  • Taking out a UK mortgage on an overseas property.

For this guide, we'll focus on chateau properties as one of the most popular property purchases, but many of the criteria are similar for different types of home.

There are many benefits to investing in a holiday home or second residence in France:

  • Property prices are much lower in many regions.
  • Floorspace is more generous, and you tend to get a much larger property.
  • Population density is low, and so rural living is more attainable.
  • Property demand is lower, and therefore competition for competitively priced houses is less.

Can I Get a Mortgage to Renovate a Derelict Chateau Property?

Another popular aspiration is to purchase a run-down or neglected property and bring it back into good repair. It's worth spending time researching the costs and experience required, as while this type of project can be a way to create a dream residence for a fraction of the UK's price, it can take a substantial amount of work.

You'll also need professional contractors, legal support, and possibly translation services.

Lenders will offer this type of mortgage, but will need detailed budgets and plans to assess your affordability status.

Some of the financing options to fund the repairs and building works include international bridging loans and overseas development finance - get in touch if you'd like to explore these options further.

Can I Get a Mortgage on a French Chateau to Move Into Permanently?

If you're looking to buy a ready-made property, you will find the property market very affordable in most French regions.

This scenario can be easier to mortgage, as you won't need to budget for variable costs, or consider planning permission on listed or historically significant buildings.

Lenders find it easier to mortgage a property in good condition as they have a more secure estimate of the potential resale value.

There is a third option, whereby you invest in a turnkey property - that means that the main building doesn't need extensive renovation. Still, you can add value by refurbishing, adding an extension, or converting a loft space.

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Are There French Chateaus for Sale for Commercial Use?

Yes, you might be thinking about investing in a French chateau to use as a B&B business, or a hotel, or as a holiday home that generates rental income when not in use.

Commercial property mortgages are ideal in these scenarios, and you can usually borrow a more considerable amount.

Mortgaging an overseas commercial property can be complex, so while it is certainly possible to find the borrowing you need, we would strongly recommend consulting an independent professional brokerage team.

What is the Purchase Process to Invest in a Chateau in France?

As we have mentioned, you can mortgage through a UK provider with overseas mortgage products or choose an international lender.

There are millions of mortgage providers. The costs and terms are not always easy to compare, so it is essential that you appoint a whole-of-market broker as this is the only viable way of finding the most competitive products on the market.

What Eligibility Factors Will Impact my Mortgage Application for a French Chateau?

Mortgage providers will need to assess any mortgage application, including the below factors carefully:

  • Whether the property is listed - many French chateaus are listed, and therefore non-standard properties. This could be Grade I, Grade II, Grade III etc. Grade I is the highest grading and means that there may be significant restrictions on what you can do with the property.
  • Affordability - every lender has a different policy, but all will need to know what you earn and your employment type. The maximum mortgage value is usually calculated as a multiple of your pay, and if you are self-employed, this calculation might be more complicated.
  • Your net worth - many foreign property investors have a high net worth. There are specific mortgages available in this scenario to avoid releasing capital from elsewhere to finance a property purchase or restoration.
  • Loan to Value - the higher the deposit, the lower the lender's risk and the lower the Loan to Value ratio. Typical residential mortgages require as little as a 5% deposit, but a foreign chateau investment is likely to need at least 20%.
  • Credit rating - while you can get a mortgage with bad credit history, this is likely to be more difficult when mortgaging an overseas property purchase. In some cases, a specialist bad credit lender might be the best option.
  • Property construction - older chateaus are commonly built from materials such as stone and will need a full structural survey before a mortgage lender makes an offer. You may also need to improve energy efficiency, particularly if you are taking out a buy to let mortgage on an investment property.

Expert Advice on Mortgages for Chateau Properties Abroad

There are many variables to buying a French chateau, and there are as many different lenders and mortgage products to consider.

Contact Revolution Brokers for further advice on 0330 304 3040, or email us at info@revolutionbrokers.co.uk to arrange a private consultation on your chateau mortgage requirements.

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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