Who benefits from more flexible mortgage loans?

With the onset of spring, is the real estate market improving? prices are falling And on the credit side, the first positive signs are increasing manifold. ,Prospects and processed files have grown faster at the beginning of the year compared to the end of last year», confirms Pierre-Étienne Beauvelet, general manager of IN&FI Credits, a network of brokers. falling loan rates Apparently this is not a strange thing. Over 20 years, the average rate is slightly less than 4% (compared to 4.5% at the end of last year) but the best files can hope to achieve 3.4%. Over 25 years, rates are between 3.6% and 4.1%. ,For the first time, we have fallen below 4% in 25 yearsMael from Meilertoux underlines Bernier. This is a strong symbol, especially because banks are willing to strive beyond scale (Credit rate before negotiation) Displayed.»In just four months, the purchasing power of households has increased by 15,000 euros (for a loan of 200,000 euros). We are a far cry from the 60,000 to 70,000 euros they lost after increasing rates (from 1% to 4.5%), but this gain in such a short period is far from negligible.

This drop in rates is accompanied by another piece of good news: banks have softened their requirements. ,Banks are very intentional because they do not want to miss the opportunity, even if they have “too many” files for it.», explains Cécile Roquelaur, director of studies at Apprentice, a real estate loan broker. The required individual contribution certainly remains high – according to the broker Alloa, on average around 66,000 euros, i.e. a contribution rate of about 20% – but it has declined by 20,000 euros since the beginning of the year. For first-time buyers, who bore the full brunt of the credit crunch, the decline over the same period amounts to 23,000 euros.

investors, big winners

and that’s not all. Another figure, less relevant to the general public but equally relevant to investors, has been rising steadily since this summer. These are “non-conforming” loans. In other words, these are loans that deviate from the rules imposed by the financial authorities (not more than 35%). debt ratio And for loan tenure 25 years). Their share should not exceed 20% of their annual loan production. However, in recent months, this figure has struggled to exceed 14%. Thus, banks, especially the Banque de France, were accused of not providing enough credit. ,This extraordinary pocket is a gas factory! we don’t understand anything», says a banker from a large network.

To address this, the criteria were simplified and the share of exceptional files increased from 13.8% in August 2023 to 15.9% in December. According to Banque de France(see below), In December, about 9,000 files benefited from this new “generosity” of the banks. ,The big winners are rental investorsSandrine Allonier, spokesperson for broker Vousfinancier, underlined. 18.5% of loans given to them were non-compliant in December (loan rate more than 35%) Compared to 13.6% in May.» Good news for tenants who are struggling to find accommodation due to lack of offers. In contrast, first-time buyers benefit little from these relaxations: the share of loans outside the norm has increased by only one point over a year (10.7% in December 2023 compared to 9.8% in January 2023). . ,First-time buyers who borrow more than 35% (of their income) are becoming increasingly rare», underlines Sandrine Allonier. To bring their plans to fruition, many are expecting even more price and rate cuts.

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