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historically low interest rate, many French people who want to take advantage of it, prices which rise, a record production of credits… To guard against any overheating, the High Council of Financial Stability (HCSF) confirmed this Tuesday to make binding the rules loan he "recommends" to banks since January. Namely a debt ratio of 35% maximum - insurance included - for loans up to 25 years maximum (27 years in the new). The authority should impose them itself this summer, without resorting to the law, and leave the power of control and sanction to the Prudential Control and Resolution Authority (ACPR).
Does this mean that bankers will be more reluctant to grant loans?
Some players like brokers already fear it.
For the borrower, this new constraint forces him to be even more vigilant in the preparation of his credit.
It is more than ever crucial to have a consistent personal contribution and to adapt your coverage to your needs.
A personal contribution required of 15% to 25%
Buying without a contribution is only a distant memory.
The personal contribution has become a prerequisite, the weight of which increases over the months.
“Today it represents 25% -26% on average of the cost of purchasing a property, including agency fees,” estimates Michel Mouillart, scientific director of the CSA Housing Credit Observatory.
The average personal contribution rate in May even increased by 20% compared to December 2019, ”he insists.
The same goes for the Meilleurtaux broker.
“You need a personal contribution of at least 15% to 20% for an average loan of 220,000 euros in France,” says his spokesperson, Maël Bernier.
Read alsoReal estate: "The production of loans by banks has fallen by 20% since January"
This may pose a problem for some profiles, according to the Professional Association of Credit Brokers CNCEF Credit.
“The binding standard expected in the summer of 35% debt ratio, insurance included, will penalize first-time buyers and more affluent borrowers including investors, judges its president Christelle Molin-Mabille.
The first, because their income does not allow them to have the sufficient contribution to stay below 35%, the second because this criterion alone will prevent them from contracting a loan, even if they have a remainder. to live comfortable.
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Avoid over-indebtedness
A hard blow for young people according to Maël Bernier.
"They are forced to rent while for the same surface area, the rent in medium-sized towns is often as expensive as a monthly loan, especially since they are asked for the same ratio as a loan, namely three times the amount of the rent, ”she annoys.
This is delayed by the Banque de France, which recalls that “20% of cases can depart from this rule of 35% and 25 years maximum.
This tolerance should be maintained to help first-time buyers… We are not trying to curb credit but to avoid over-indebtedness ”.
See also “All-inclusive real estate”: estimate your purchasing power and the real cost of your acquisition
Creditor insurance plays a key role. Its basic weight - or "mandatory" - which aims to cover each of the borrowers in the event of death or disability, becomes important in obtaining or rejecting a loan. With 100% coverage, the insured is fully covered in the event of the death, for example, of his spouse and will have nothing to reimburse to his bank. "Many establishments require a cover of 100% per person, but this is not always necessary, limiting it can allow to remain within the 35% of debt imposed", explains the spokesperson of Meilleurtaux, who invites to to play the competition.
And to cite the case of a 38-year-old couple where one spouse has excellent remuneration, the other does not.
Both want to borrow 380,000 euros at 1% interest.
“Ensuring 100% of the highest salary may be sufficient, because it protects the spouse who has little or no income in the event of death.
If they opt for group insurance from their bank (0.37%), the couple must earn 5,300 euros net / month to obtain their credit, but 5,100 euros if they choose cheaper delegated insurance (0, 15%).
Likewise, a couple each earning 1,900 euros net / month may have an interest in taking out 50% insurance each to protect themselves up to half of the capital borrowed in the event of death and thus fall below the fateful bar of 35. % debt.
Beware of the cost of optional insurance
One rate can hide another. When buying a property and negotiating your credit, we all have the same reflex, that of looking at the APR, in other words the overall effective rate, which includes both the interest rate of the loan and its rate. insurance. Present in each loan offer, it serves as a reference to know the overall cost of a mortgage as well as to compare loan offers between them. To consult him is a logical reflex, even advised… Except that he can turn out to be a false friend.
“A large majority of banks have developed a practice that makes any reference to the APR ineffective: they simply exclude a large part, often half of the cost of borrower insurance. This makes it possible to display a lower APR and thus be better off compared to the competition, ”denounces Émilie Ruben, spokesperson for Securimut, a subsidiary of Aéma, the mutualist group resulting from the merger of Aésio and of Macif.
This statement may come as a surprise when we know that since January, the High Council for Financial Stability (HCSF), the reference authority in the matter, has forced banks to include the cost of borrower insurance in their loan proposals.
In reality, the devil is in the details.
You should know that credit insurance contains mandatory guarantees, offered by banks in their loan contract such as death and disability coverage, but also optional guarantees such as incapacity or loss of employment for example.
Read alsoReal estate credit: beware of job loss insurance
"Many play on this vague perimeter between optional and mandatory guarantees to leave the calculation of the APR the so-called optional guarantees such as incapacity for work that another bank will consider as compulsory and include it in its basic guarantee and thus weigh on the final rate. This is the case of Agnes, who in March took out a bank loan with her husband to afford a house in Touraine. “Not only does the compulsory part of their insurance only take into account her husband, which makes it possible to exclude 50% of the cost of the insurance, but it includes job loss insurance for Agnès that we know to be ineffective,” decrypts Emilie Ruben, supporting documents. If she wants to be protected like her husband, Agnes must take out optional insurance from her bank, which increases their overall rate from 1.50% to… 1.93%! "