Thierry recently decided to change banks. After several decades spent at ING, this soldier was “very disappointed” by his bank, which refused him a mortgage loan because he wanted to do his work himself.
This inhabitant of Modave wanted to contract “a loan to make a new construction”. Manuel, he intended to do the work himself, doing as much as possible without calling on companies he distrusts. “When we see the companies that work, there are good ones, but there are some where we wonder to whom we are giving our money.”
He therefore turned to his lifelong bank to request a loan, something he had already done in the past. But this time, surprise for Thierry: the bank refuses on the grounds that he intends to carry out the work himself. “Apparently, cIt is in their new policy to no longer lend to self-construction. It’s a little weird”says the 47-year-old man.
Change of bank
“There is no valid reason to forbid this to people”, he adds annoyed. In an impasse at ING, Thierry went to the competition. A first for the forties who had never had a problem so far. “I went to see at Axa where there was no problem. They just asked me for the usual papers so it’s normal. It was handled very quickly.”
Within a month, all my accounts will be at Axa
Following this incident, Thierry made the decision to change banks. “Within a month, all my accounts will be at Axa”explains the soldier that the speed of the operation has arranged well since he leaves for Lithuania in August.
He will be able to begin his work “around January”when he returns from his mission.
For its part, ING fully assumes its position. “Indeed, the records of pure ‘self-construction’ do not fit into our credit policy”, responds the bank to the lion. “The bank considers it risky for a borrower to build his entire house alone: in the event of possible defects in the construction, a contractor’s liability might not be invoked.
“A cautious approach”
At Febelfin (Belgian financial sector federation), we are told that “dVery generally, banks have a certain commercial freedom, provided they respect all the legal rules and conditions.“.
In Thierry’s case, ING’s approach seems “prudent and understandable on the part of the bank“. An Argument Made”in the interest of all, and in particular of the owner “, because not everyone has the skills needed to build a home. “You cannot improvise yourself as an entrepreneur without experience, especially for delicate techniques such as stability, compatibility of materials, building tightness, insulation, joinery, heating/sanitary or even ventilation.“, especially since “lThe legislator therefore requires qualifications and a certain professionalism on the part of those who carry out the work“.
Banks have a certain commercial freedom
“This does not mean that any bank would necessarily refuse such a loan to a person who wishes to do his own work.“, adds the Febelfin.
To conclude, if your bank refuses to grant you a loan for self-construction, “nor does this prevent the bank from agreeing to finance, for example, only the purchase of land, and/or granting a non-mortgage loan for the purchase of materials. This will all depend on individual circumstances.”