The most modest households, those who buy a home for the first time, risk not being able to borrow as before. New, stricter rules will be imposed on banks for mortgage loans, and consequently on individuals. Details from Fanny Guinochet.
franceinfo: The government has decided to tighten the conditions for borrowing and buying real estate, but you tell us thatshould not for all that give up his real estate project?
Fanny Guinochet: Yes, these new rules can be discouraging. We remind them: banks will no longer be able to grant loans beyond 25 years – even 27 years, counting the time of the work. And, the amount of credit should not exceed 35% of the borrower’s monthly income, 35% including the amount of loan insurance, mandatory, otherwise the banks will be sanctioned. But there are some possible levers
What are these levers?
The first is insurance, precisely. You can play on its amount by taking an individual, external to your bank, we say “in delegation”. Also take a look at the coverage offered to limit yourself to the essentials and thus lower the loan amount. For example, there is no need to take the job loss guarantee, when you are considered a civil servant, or as a freelance. The same depending on your age, adapt the health coverage. If you are young, you will be able to lower the bill and then, play the competition between the establishments. But all this can allow you to remove a few points, and allow you to be in the nails of the 35% maximum debt.
Other tips?
Try as much as possible to show that you have a little savings, not even a lot, to pay the notary fees in particular, a few thousand euros reassure a banker.
It’s time to ask your family for a helping hand, if you can, even if it means repaying afterwards, once you have signed your loan, but this little stocking will reassure the banker at the moment T and tip its decision in your favor.
You have to be a strategist
If you can, before making the request, repay the consumer or auto loans that you would have taken out a few months ago. Try to purge your debts as much as possible. Again, that will make it easier for you to stay within the 35% mark. Moreover, before presenting your case, take care of it!
Usually, banks ask you for your last three account statements. Check that there is no default of payment, refused checks, overdrafts, outlandish expenses (at the casino or other…). Clean up your accounts, show that your managerial behavior is exemplary. And then, stupid thing, send all the documents that you are asked for, in time, be as “square” as possible to show your seriousness. Getting a home loan is also a matter of psychology.
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