Offbeat: Borrowing: why the rise in interest rates is a bottleneck for buyers

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increases up to the wear rates that block the files, the acquisition candidates are struggling to concretize their

Silver - Silver project - Interests increasing at the wear rates that block the files, candidates for acquisition are struggling to make their project

a reality while has borrowed so far for nothing, the end of 2022 took a blow for candidates At the property… and in this area, 2023 does not look better! Between the closure of the Credit tap and an wear rate blocking , winning an mortgage has become particularly complicated, while buyers' borrowing capacity is reduced as rates of 'interest increases. Nothing is going well!

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fewer credits granted

The strong tendency of French savings in recent years has raised colossal sums that it was so far more profitable for Banks to invest in loans, rather than to place on unpaid portfolios. Thus, "there was a production of record credits over the first four months of 2022 and certain establishments reached their annual objectives in the summer," said Sandrine Allonier, spokesperson for the Tufinancer brokerage network.

In parallel, the arrows of the interest rates of the Treasury Bon (0.30% in January at 2.80% in November), which serve as reference to the sector, and that of the rate remunerating investments have reversed market conditions. Logical consequence: "Today, it is no longer profitable for banks to grant real estate credits, analyzes Sandrine Allonier. It is more interesting for them to place this money. Consequently, establishments prefer not to lend, rather than lending at a loss ”.

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As Maël Bernier, spokesperson for the Bestaux brokerage network, confirms us, "some banks display almost usurious rates, knowing that no file will pass, while others announce that they will no longer give any Real estate credit until the situation is stabilized ”.

La remontée en flèche des taux d'intérêt des bons du Trésor et celle des taux rémunérant les placements ont inversé les conditions du marché - iStock © supplied by 20 minutes The arrows of the interest rates of treasury bills and that of rates remunerating investments have reversed market conditions - ISTOC The wear rate, adjustment variable

This blocking situation comes from the fact that banks cannot increase their interest rates as they see fit. Indeed, in order to protect consumers from prohibitive rates, the law provides for a wear rate, in other words a ceiling above which it is illegal to borrow. And beware, this is the overall effective annual rate (TAEG) encompassing all costs, including insurance, which counts.

However, even if the Banque de France updates the wear rate every 3 months depending on the rates charged by banking establishments, all increased by a third party, this ceiling is currently below the needs of the market. As of October 1, it increased to 3.05% for real estate loans over 20 years old. Except that a month later, most banks display interest rates from 2.30 to 2.40% over this duration, to which borrower insurance must be added. Result: even with a good profile, it does not pass.

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La plupart des banques affichent des taux d'intérêt de 2,30 à 2,40 % - iStock © supplied by 20 minutes Most banks display interest rates from 2.30 to 2.40 % - ISTOC to a decline in market

The solution? Unfortunately, she has nothing obvious. The mechanical increase in the wear rate each quarter should give a little latitude to the granting of the files, but as long as it will not allow banks to lend to profitable rates for them, this will not be enough to reopen the Credit tap.

In addition, each rate rise reduces the borrowing capacity of the property candidates, while real estate prices have soared since the COVID ... A "double penalty for buyers", which should bring the market to contract by reducing demand, according to Sandrine Allonier.

Our “loan” file

An observation shared by Maël Bernier who adds: “The number of sellers should also decrease since those who bought 1% a few years ago will wait to resell in view of the current borrowing conditions ». And to conclude: "We expect a decline in the market and a significant drop in transactions in 2023".

Economy: How to make the right financial choices when you buy two -locks: understand everything at the wear rates for a loan

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