2023-12-04 05:00:51
The French have difficulty obtaining a mortgage
With rates charged by banks well above 4% per year now, property loans are very expensive for households. When they can afford them. Because the rules of the High Financial Stability Council are clear: the maximum authorized debt is 35% of the borrower’s monthly income for the real estate loan.
But between the prices of real estate which have soared, driven by the very low rates practiced until 2021, and salaries which do not evolve as quickly as inflation and even less than credits, the situation is blocked. The French are no longer able to obtain the sums necessary to realize their real estate purchase project.
And the entire sector is suffering. Buyers and sellers, in the first place, but also banks, real estate agencies and notaries. The market, seized up, has serious consequences.
Towards lighter conditions for granting a real estate loan?
Asked by The Parisian, the Minister of the Economy wanted to return to the question. And he assures: “ We will study new measures to further relax the conditions for granting credits “. But the levers for the government are fewx. The conditions set by the HCSF have a precise objective: to avoid household overindebtedness. A golden rule for the HCSF.
However, Bruno Le Maire would like to unblock the French real estate market. To do this, an idea: “ I also want us to put in place an amicable procedure, between the borrower and the banker, when the latter refuses a property loan. This procedure should help to understand why the loan was refused and possibly, if the borrower’s situation allows it, lead to a review of the decision. », he declared in the columns of Parisian.
No miracle solution for real estate loans?
In fact, despite the words of Bruno Le Maire, the situation is complicated. The HCSF does not want to risk increasing household over-indebtedness by authorizing debt above 35%, despite calls to do so from professionals such as real estate agencies.
Monday December 4, 2023, during the meeting of the High Financial Stability Council, we should therefore not expect miracles. “ It is desirable that the supply of bank credits now gradually resumes, but without risking over-indebted households: pay attention to the suggestions to forget the common sense standards of the HCSF », declared François Villeroy de Galhau, governor of the Bank of France, in November 2023.
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