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Real estate: “Even with 6,000 euros left to live, you may be refused access to credit” – Borrow

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“The tap is not closed but the flow has really decreased” (© AFP)

Invited on BFM Business, Marie-Christine Sonkin, editor-in-chief in charge of Heritage at Les Echos, recalls that even the best profiles can now be held back in their real estate purchase projects.

(BFM Immo) – Despite the crisis, loan rates remain particularly low. On average, they rise to 1.40% over 20 years and 1.20% over 15 years. Certain wealthy investor profiles can even sometimes benefit from rates ranging from 1.05% over 20 years to 0.90% over 15 years. A boon which, in fact, should also allow investors with lower incomes to access property more easily.

The crisis and the tightening of the conditions for granting loans on the part of the banks have decided otherwise … Invited this week on BFM Business in the program Intégrale Placements, Marie-Christine Sonkin, the editor in charge of heritage at Les Echos , recognizes it. If certain profiles of buyers like those who invest in Ile-de-France or professions which present more guarantees such as tax specialists, business lawyers or doctors remain “in the small papers” of bankers , this does not mean that it is easy to get credit.

No more than 33% debt

“The tap is not closed but the flow has really decreased. A broker recently confided to me that he had a refusal rate of 10%”, concedes the expert.

“The loans are granted after a very careful examination of the files. The banks are showing themselves more and more cautious”, continues Marie-Christine Sonkin. “Today, it has become very difficult to finance a good at 110% over 25 years. What is clear is that the banks no longer look at the rest to live but the debt ratio. They are not going exceed the 33% debt ratio or even the 25-year term recommended by the High Council for Financial Stability (HCSF). There are very good profiles who are refused a loan even with 6,000 euros of remaining ” .

Create “a clean file”

So that those who wish to access the property can, despite everything, succeed in “passing” their file, the heritage specialist recommends, in the first place, to have “a clean file”: “The first measure is is to pay off all your other credits. The problem is to be forced to suddenly reduce your personal contribution but that can allow you to stay within the nails of 33%. You also have to pay attention to certain details such as a car purchased in LOA. If there is more than 6 months of rental to run, it is considered as a credit, ”she explains.

Some banks still know how to show a certain flexibility of treatment. “Some establishments are more fluid than others. Brokers are well aware that the way of accounting for resources is not set in stone. For example, normally, we will record 70 to 80% of their amount to take into account the charges “Some now count them at 100%. This is usually done to take into account the charges. Others will take into account family allowances, while this is not the norm,” concludes Marie-Christine Sonkin.

By Julie Cohen-Heurton and Guillaume Sommerer

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