Real estate: persistent loan difficulties despite the increase in the rate of attrition

It was expected by many borrowers. The recent increase in the usury rate, the maximum rate above which banks cannot lend money, has not had the desired effect for some French people. The error, especially with credit interest rates, also increased.

Banks, brokers and borrowers were on high alert on September 28 at the time of Banque de France’s announcement. The institution then unveiled the new usurious rate on 1 October, i.e. the maximum permitted threshold beyond which a bank cannot lend. A rate that has risen by almost half a point. Specifically, “0.48% for mortgages over 20 years and 0.43% for those under 20, bringing the new caps “to 3.05% and 3.03% respectively”. , certainly important, but which nevertheless turns out to be insufficient for a certain number of profiles whose property project is blocked.

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Interest rates on mortgage credit on the upward slope

In theory, an increase in the interest rate should give many borrowers easier access to mortgage loans. Except that is far from the case. As this person interviewed by MoneyVox, disappointed to see that companies took the opportunity to adjust their conditions: “some did not wait 24 hours to raise their credit rates to the limit of the new usury rate. In September I was offered a nominal rate at 2.03% And after two weeks of no news, on Saturday 1st October my adviser called me to tell me that the nominal rate had risen to 2.53% and that the APR would be 3.05% In his eyes, “the borrowers are taken hostage”.

But this 46-year-old Lyonnais and official of National Education, asked for a loan of 150,000 euros to repay over 22 years, and had a contribution of 30,000 euros. It therefore does not have a risk profile in advance. The same observation for this official in his forties: “it is mainly the borrower insurance that is blocking”. The wear rate is an “overall” rate that includes the nominal rate, the borrower’s insurance and the various administrative fees. And in his case, even a delegation of insurance will not be enough to be offered credit.

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Good applications are safer from being rejected

But if the unprecedented increase in the rate of attrition does not give borrowers the hoped-for breath of fresh air, it is also because of its calculation method. The attrition rate for the quarter is actually calculated on the basis of the credit rates for the previous quarter.

Gold,

Bank rates continue to rise and this usurious rate which is valid for 3 months ie. until the end of December, do not match the rates currently used T.

analyzes Maël Bernier, communications director and spokesperson for Meilleurtaux.

It actually has to do with banks, which for the most part obtain financing on the financial markets face a sharp rise in the interest rates they borrow at. These went from 1.30% in August to around 2.50% in early October.

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