Societe Generale and Credit du Nord have decided to temporarily suspend the production of credit with brokers. These two banks only continue to offer loans to their customers, examining their personal situation on a case-by-case basis.
While mortgage rates continue to rise, people who want to buy real estate are finding it increasingly difficult to obtain credit. And to make matters worse, Societe Generale and Credit du Nord have chosen to temporarily suspend the production of credit with brokers, indicates Capital.
Industry professionals confirm
According to the Professional Association of Credit Intermediaries (APIC), brokers represented between 37% and 40% of files filed by borrowers in 2021. Societe Generale continues to offer loans to its customers, examining their personal situation on a case-by-case basis. case, said the banking institution. But given the rise in interest rates and the current level of the usury rate, we have decided to suspend our partnership with our brokers. This concerns less than 25% of our loans, specifies a spokesperson for the Societe Generale questioned by The Parisian.
save up to 70% on your borrower insurance
Credit rates are approaching the usury rate
At the same time, other banks have chosen to offer very high rates to scare away potential borrowers sent by brokers. All this is explained by the rise in average rates which are very close to the usury rate beyond which the banks are not allowed to grant mortgages.
Real estate credit: these banks which refuse to lend because of the wear rate
In the second quarter of 2022, this wear rate was set at 2.4% for home loans of 20 years and over. But this rate takes into account the cost of all-inclusive credit, either with borrower insurance, administrative fees or even brokerage fees. However, the average rates for borrowing are currently around 1.5%, so if we add insurance and various costs, the difference with 2.4% becomes increasingly thin.
Real estate loan: find the best rate