Due to the general context of rising prices, banks have multiplied, since the beginning of March 2022, the conditions to be met in order to obtain a mortgage. The personal contribution requested has doubled and the remaining savings after the project are increasingly requested. In addition, banks are also paying more attention to the distance between housing and the place of work and to the potential works to be carried out.
The economic context has been marked, since March 2022 and the start of the war in Ukraine, by a strong tendency towards price increase, in particular those of energy and raw materials. But the real estate market is also affected by this trend, which invites more and more banks to multiply the precautions before granting a mortgage, reports BFM Immo.
An increase in the financial contribution required
Thus, in one year, the personal contribution requested by the banks has increased by 78%to reach today 20% of the total cost of the project, i.e. on average 52594 euros. But this no longer constitutes the only economic guarantee systematically requested.
In a large number of cases, post-project savings are also required, in order to limit the risk of over-indebtedness or non-repayment of the loan, explains Julie Bachet, Managing Director of Vousfinancer. This amount can vary from four to six monthly payments depending on the borrowers.
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A distance greater than 50 km
According to a Vousfinancer survey, 51% of banks are now also particularly attentive to the distance between housing and work, in particular because of the high fuel costs what it might represent. The banks would thus refuse in particular files mentioning a distance greater than 50 km.
Real estate credit: the trap of teleworking
Finally, according to this survey, 52% of banks have become particularly attentive to the potential additional costs generated by work in housing, especially those related to energy performance. The rise in the prices of energy and materials makes banks fear a risk of over-indebtedness and capital loss in the event of resale.
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