A year or two ago, borrowers signed a sales agreement and went for a loan offer. This world is over, and getting credit isn’t a right, says Cecile Roquelor, director of studies at the broker Empruntis. Before, you had to show your credentials to get the best possible interest rate, today you have to assure the banks to get a loan. »
In short, it is a return to the basics of credit and the selectivity of banks …
Update your loan profile regularly
Credit rates change very quickly: in 2022, some banks have changed their schedules every two weeks. As a result, when signing the sales agreement, many borrowers did not receive the same credit rate that was offered to them a few weeks ago at the time of the bank’s simulation.
“So they no longer have the same ability to borrow, and their file has been rejected,” confirms Sandrine Allonier, spokeswoman for the broker Vousfinancer.
Tip: “First estimate your ability to borrow as accurately as possible, over the months, with a complete file, updated pay slips, etc.,” says Cecile Roquelor of Empruntis. If a part is missing, it will lengthen the study of your file, Which may have an impact on the credit rate. Then you can sign the sale agreement.”
Stability, the key word for 2023
Having professional stability is the basis for obtaining a loan: “You must be on a permanent contract more than ever! If you have a fixed-term contract with variable geometry, you do odd jobs and you don’t have any qualifications, it will be very complicated to borrow, ”emphasizes Cécile Roquelor .
It is also important to achieve financial stability over the next 10 years minimum (8 to 10 years is the average term of a mortgage). “If you are going to benefit from a salary increase during the year or from bonuses, ask your employer for a certificate that you will present to the banks,” advises Sandrine Allonier.
You must also keep your accounts in an irreplaceable manner, with no overdrafts.
Contribution plan and precautionary savings
“Before, it was possible to borrow without a personal contribution, at 110%. Now this is an exception,” says Cécile Roquelor of Empruntis. Having a contribution of 10% of the purchase amount, to finance acquisition-related costs, is (sometimes necessary). , the bank may ask for an additional contribution of 5 to 10% depending on the risk assessment).
This allows banks not to lend you more than the value of the property purchased.
“In this period of inflation, and increases in restricted expenses (energy, food, transportation, etc.), some banks may require you to make precautionary savings after the project, in order to deal with a possible hard hit or pay off your loan. It may be getting what Sometimes between 3,000 and 5,000 euros is enough. »
Buying a Heat Refinery: Incorporate the business into your financing plan
“Since the end of 2022, banks have carefully monitored the early childhood development of the goods they purchase,” notes Cécile Roquelor. A bad energy class, F or G, can affect your electric bills, and therefore your expenses, and can result in the loss of your home’s value if you resale. “If your property is depreciated, you may have difficulty paying your credit,” she says.
For some banks, it is necessary to provide the necessary work to restore the property, whether it is the purchase of a major residence or a rental investment.
There are three possible scenarios: “You either have savings left that allow you to do the work, so that has no effect; or you have no savings but the work can be included in the financing,” explains Sandrine Allonier. Either the banks include the fictitious cost of a consumer loan that would allow By carrying out the work, but this reduces your ability to borrow. »
There are also green loans to do the work, but they are not very prevalent. You may qualify for a zero-rate environmental loan (eco-PTZ).
Don’t wait for the price to drop
“To make up for the one-point increase in credit rates, the ones we expect this year (3% rates over 20 years by summer), a 10% drop in rates would be needed. Which is unlikely,” says Sandrine Allonier of Vousfinancer. There are few properties for sale and buyers are waiting for you.This keeps supply and demand stable.»
Waiting for a reasonable 5% price drop isn’t good advice either, with a 1-point price increase: “You paid 4% more for your property, because the total amount of interest to be paid would be greater than the price drop,” she says.
Cécile Roquelor adds: “Then if there is a decline, it will not be for all properties, and it will not be uniform throughout the territory, but in particular where there are always a lot of requests and few offers.”
Put the banks in competition
Not all banks have the same financial policies. Some have more leeway in terms of accepting financing terms and credit rate. Feel free to compete.