Getting a mortgage when you don't have the perfect profile?
It is possible even in times of crisis.
Before stepping through the door of a banker and / or broker, here are five tips and tricks to put the odds in your favor.
1. Take care of your profile
Do you know in detail the criteria of the banks?
Your current debt ratio?
The amount of your incompressible charges?
These are questions that must be asked in order to avoid disappointment.
You must also take care of your current account and not be overdrawn for the three months preceding the filing of your request.
Managing your expenses well and being able to save every month, even a small amount, is essential.
This will allow you to influence the negotiation of your interest rate and / or your administration fees.
Finally, remember to make copies of all the necessary documents (identity documents, last three payslips and bank statements, consumer credit maturities, etc.) to submit them simultaneously to the banks and credit brokers requested.
2. Calculate your intake
Banks require a variable minimum personal contribution, generally from 8% to 10% (depending on the profile and age) of the total amount borrowed, but which can go up to 20%, especially when buying an old one.
They will also ask you to have post-project savings (called residual savings) of at least 5,000 euros, in the event of a hard blow.
It is therefore important to be able to rely on savings.
To help with a first purchase in the new, the Nexity group offers its own fund where it abounds (up to 6000 euros maximum depending on the size of the future good) if 1000 euros are collected during the first 60 days of the fund.
Also remember to ask your loved ones.
“More and more of our clients are turning to family help, especially those who want to buy in large cities, to supplement their contribution,” says Sandrine Allonier, director of studies with the broker Vousfinancer.
Sometimes 10,000 euros are enough to make the difference on a file and bring the debt back below the 35% mark… So, it's worth asking ”.
Especially since the law encourages it.
Indeed, until June 30, parents, grandparents or great-grandparents are not subject to inheritance tax in the event of a donation of up to 100,000 euros to a child, grandchild or great-grandchild. -child if it finances the construction of his main residence or energy renovation work.
3. Repay outstanding credits
Auto, consumption ... Get rid of these loans, if you can, which greatly reduce borrowing capacity.
The broker Vousfinancer has calculated that with a car loan of 300 euros per month, a single person earning 2,850 euros can raise 147,900 euros for a monthly loan payment of 700 euros.
Without this car loan, its borrowing capacity climbs by 42% to 211,240 euros for a monthly payment of 1,000 euros ...
However, don't worry if your credit is about to expire.
"If its maturity is short, around six months, most banks do not take it into account in calculating the debt ratio," reassures Sandrine Allonier.
4. Opt for the borrower insurance delegation
This is THE wild card to put forward, especially since the cost of insurance must be systematically included in the calculation of the maximum debt ratio.
“This insurance represents an important part of the credit, between 30% and 70%, explains Astrid Cousin, spokesperson for the loan comparator Magnolia.fr.
It is important to negotiate the cost with your bank or to opt for delegated insurance which can be two to four times cheaper depending on your age, at 0.10% instead of 0.40% for that of your bank. … Which can make all the difference in obtaining a loan.
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The only constraint: that your delegated insurance has exactly the same guarantees as that offered by your bank, which is very generally the case.
5. Think about regrouping
This operation consists in having all of its credits (consumer, even real estate in the event of short-term maturity) bought back by a specialized establishment to support only one, most often with a lower monthly payment thanks to an extension of the duration of the credit.
This can allow you to reduce your debt ratio to a lower level and to borrow more, for a rental investment, for example.
“Contrary to popular belief, the consolidation of credits is not reserved only for badly indebted people,” says Sandrine Allonier.
And even if the credit consolidation rates remain higher than the mortgage rates, they have fallen in recent years and we can get rates around 2.5% for the best profiles.
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