The increase in the rate of wear above 3% is good news for many borrowers hitherto blocked in their project. Here are several examples of files that will be able to be financed from October 1st.
On Wednesday September 28, the Banque de France unveiled the new usury rates (maximum rate above which banks are not allowed to offer credit) which will come into force from Saturday October 1, 2022 and for the three coming months. Until now fixed at 2.57% for real estate loans of 20 years and over, the wear rate will increase to 3.05% and 3.03%, against 2.60% so far, for the shortest durations .
What give air to borrowers waiting for the granting of their mortgage. This increase is very good news, says Sandrine Allonier, spokesperson for the broker Vousfinancer. No one expected such a significant increase. This means that files with rates above 1.90%, blocked today, will be able to pass.
Banks willing to lend again?
Double good news for borrowers, since this rate increase will also allow institutions to re-offer loans. Many banks no longer offered them because they could not review their rates because of the wear rate, confirms Sandrine Allonier. This increase of almost half a point is therefore very good news, it means that the banks which currently have scales between 2% and 2.5% will start offering loans again.
| borrower’s age | Loan amount | Hard | Rate offered by the bank | Insurance | Guarantee | Application fees | APR |
|---|---|---|---|---|---|---|---|
| 28 years old | 100000 euros | 25 years | 2.25% | 0.382% | 1620 euros | 250 euros | 2.72% |
| 31 years | 200000 euros | 25 years | 2.25% | 0.465% | 2660 euros | 500 euros | 2.78% |
| 35 years | 300000 euros | 20 years | 2.14% | 0.545% | 3650 euros | 900 euros | 2.77% |
| 40 years | 400000 euros | 25 years | 2.25% | 0.615% | 4640 euros | 1500 euros | 2.91% |
| 45 years old | 400000 euros | 20 years | 2.14% | 0.756% | 4640 euros | 1500 euros | 2.96% |
| 55 years | 250000 euros | 15 years old | 1.99% | 0.960% | 3105 euros | 1000 euros | 3.08% |
Data provided by the broker Vousfinancer
As part of the last example in the table above, the 55-year-old borrower sees the APR of his project exceed the 3.05% mark and would therefore see his project refused. However, by going through an insurance delegation at the rate of 0.370% instead of the rate of 0.960% offered by the bank, the APR goes from 3.08% to 2.53%. His file would then pass without difficulty.
Professionals: cheapest online deals for limit your bank charges
While the increase in the usury rate is therefore good news for many borrowers, the banks should not, however, raise their bar rates too sharply in the coming weeks. Unfortunately, market rates have resumed an upward trajectory. The 10-year bonds of the French state, which were trading at 1.40% in mid-August, closed on Wednesday at 2.76%, notes Olivier Lendrevie, the president of the broker Cafpi. The refinancing costs of French banks show much higher rates still. It therefore seems inevitable to us that the credit rates applied by the banks will continue to rise, which could again cause loan denial situations for exceeding the horizon wear rate of a few weeks.