Real estate credit: borrowers subject to increasingly demanding criteria – Economy

Real estate credit: borrowers subject to increasingly demanding criteria - Economy


The personal contribution – 10%, sometimes up to 20% of the amount of the property – is no longer enough to obtain a mortgage. In order to take into account the general rise in prices, which hinders the repayment capacity of households, banks are becoming more demanding. Many now require after-project savings of four to six monthly loan payments, which make it possible to cover unforeseen expenses – a roof that gets water, a boiler that leaves the ghost or a car to change.

Fear of running out of money…

This precaution is primarily aimed at protecting households by reducing debt risk. But coupled with rising interest rates, which banks say have climbed 0.3% to 0.6% since January, this virtuous intention has become a headache for many borrowers. Especially in Brittany. In this case, the increased attention now paid by the banks, for the evaluation of the balance to stay, the location of the property and its distance from the workplace.

In Brittany, it’s a bit of a double penalty

A recent in-house consultation by Vousfinancer, which brings together nearly 200 credit brokers in France and works with 94 partner banks, confirms this: “or even buying a second car,” said Sandrine Allonier, who led the study. According to his estimates, this budget represents, every month, 500 euros for a couple in which each member travels 100 kilometers per day. “Even at a distance of less than 50 kilometers, some facilities are hesitant and, to cover the costs incurred, limit the maximum debt to 30%, instead of the approved 35%. »

Distance, projects, DPE…

“In Brittany, it’s a bit of a double penalty,” said a Vousfinancer spokesman. The price of real estate has skyrocketed (+ 30% in two years), families with two children dreaming of a house with a garden have no choice but to move away to 30, 40 or 50 kilometers, we, for example, went up our agency in Lorient. In addition, the area combines disadvantages: the prevalence of low incomes (farming, catering, home help, etc.), teleworking less developed than in large cities, energy efficiency diagnostics that result in additional costs and work in the old. So many expenses are very carefully controlled by the banks, in a context of rising prices of electricity and gas, but also of building materials and prices for craftsmen.

“The credit tap is not closed”

Result: general sclerosis in the way the files were studied was noted by 70% of the brokers who participated in the research. Average personal contribution over 50,000 euros, vertically increased over a period of one year (+ 78%, according to Finance Conseil, another brokerage network). Files failed due to insufficient contribution or savings after the project. And to wait for the buyers, who no longer know on which foot to dance.

“The credit tap is not closed,” says Sandrine Allonier. “This is even more true in Brittany, where well-established mutual banks offer young people under 30 attractive terms, requiring less personal input.”

in supplement

The rate of wear, this other barrier to accessing housing


Three-quarters of Vousfinancer agencies have faced, since the beginning of March, loan refusals justified either by a debt ratio that is considered too high or in relation to the rate of deterioration, this maximum interest rate beyond which the bank is not entitled. to borrow. A fixed or slightly declining interest rate (-0.01 points for maturities over 20 years) while interest rates have risen by an average of 0.35% since the beginning of the year (from +0.3 to 0.6% depending on the bank). A situation that “puts borrowers in a difficult position and punishes first-time buyers as a priority,” said Sophie Ho Thong, director of strategy and communications for the Finance Conseil network.

Let’s take the example of a couple who, however, have established themselves in life – 45 years old, 60,000 euros income – who want to borrow 200,000 euros over a period of twenty years and are offered an interest rate of 1.55%. Including costs and insurance, we reach a real interest rate (APR) of 2.45%. “Higher, therefore, than the 2.40% wear rate set by the Banque de France,” said Sandrine Allonier, a spokeswoman for Vousfinancer, which accounts for “20% of the files that no longer pass.” “Maintaining such a low rate of wear and tear in such a context during a period of rising interest rates risks sinking the real estate market into immobility and preventing the French from finding housing,” said Sophie Ho Thong, a judge on the licenses.


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