Mortgage restriction: what you need to know before you start

If you don’t know how to deal with tough mortgage restrictions, here are some tips to help you get a mortgage.

Choose your bank

Contact the banker following you to let him make you an offer upstream. He knows your situation and can quickly make you an offer or dismiss your case by giving you reasons (which is optional). During this period of rapidly rising interest rates, banks tend to favor “domestic” customers.

“Currently, institutions are looking not so much to attract as to keep their customers,” the banker said, speaking on condition of anonymity. This is also true in the case of a loan request that caps or exceeds the 35% interest rate ceiling: they primarily and almost exclusively support high risk files of their own clients, rarely those submitted by the broker for fear of exceeding the allowed rejection quota, and then forced to disappoint their customers. »

Wait for the fall

We note that with interest rates rising by about 4% (excluding insurance, application fees and guarantees) in September, banks are gradually improving their margins when selling loans. Some institutions, such as the Société Générale and the Postal Bank, which have so far preferred to remain cautious in this segment, should become more aggressive from the start of the school year. If your project can wait a few weeks, consider making it fully competitive.

Pay attention to your contribution

Don’t underestimate the importance of your personal investment as well as your residual savings after the purchase. Depending on the amount of your project and your lender, the requested fee can vary from 10% to 20% of the total amount of the operation (including file fees, agency fees, fees, transfer fees). Having this means you manage your accounts well and/or have family support, which is always welcome. Banks are also becoming more attentive to the remaining savings that you have at the end of the transaction, for example, to finance repairs (transition to energy standards).