Attestation de Financement
MORTGAGE QUALIFICATION for international buyers.
The finance attestation is not obligatory, but it serves as an indicator to the agent and seller that the borrower is well-prepared.
This document offers a transparent insight into the borrower’s capacity to borrow and the available personal contribution.
To validate a non-resident financing request, a reputable mortgage broker will seek the following information:
- Confirm holding structure and borrower(s).
- Copy of identification for all borrower(s) – POI.
- Confirmation of the borrower(s) residency – POA.
- 3 years of income verified by an independent chartered accountant or attestation from employer with supplementary information (payslips, work contract, bonus scheme etc…).
- Evidence of personal contribution or liquid assets (bank account savings, investment portfolio etc.).
- Personal financial statement confirming the borrower(s) assets and liabilities.
- Experian Credit Check (or similar based upon residency).
- Mortgage insurance or covenants associated to loan facility.
- Property location – each lender applies an LTV.
- Property condition – subject to independent survey and valuation (above €2,000,000).
In summary, European banks offering financing options for non-residents demand a transparent overview of the borrower’s global financial standing.
BUYER PERSPECTIVE.
Purchasing a property overseas is largely unfamiliar for international clients; so, it’s important for borrowers to be well informed of the financing options available:
- Obtain a qualified status with attestation de financement from a reputable mortgage broker.
- Build confidence with property finders to source the best deals.
- Budget for your overseas property.
- Save time, money and resources.
AGENT STANDPOINT.
- Increased negotiation for buyer.
- Avoid time wasters.
- Protect your company’s reputation and personal brand.
- Showcase quality over quantity.
The process of client qualification is becoming increasingly crucial before making an offer or, in some cases, prior to scheduling a property visit. This shift underscores the growing importance of transparency in financial matters within the real estate industry.
FOLLOW THE RULES & IMPORTANCE.
Private client advisors frequently encounter resistance when addressing the financial situation of the borrower(s). If the borrower lacks online visibility regarding their source of wealth, business interests, and openly lacks a clear narrative, it is advisable to request:
- Confirm provenance of funds (TRACFIN).
- Security and privacy of seller(s) is important – qualified buyers only.
- Subject to finance – seek expert guidance before viewings.
- Super prime assets will not entertain viewings unless the client is qualified.
In all cases, as an independent mortgage brokerage, we assist international borrower(s) find a financing solution and we are experienced deal makers for complex situations.
Get in touch with our dedicated team and explore financing solutions available.
