Softened mortgage loans will allow "young people to access property"

Now is the time to buy real estate.

The Minister of the Economy, Bruno Le Maire, announced Thursday the relaxation of the rules limiting the granting of real estate loans.

This announcement follows a decision by the High Council for Financial Stability, which brings together the Ministry of the Economy and the Banque de France.

As Maël Bernier, spokesperson for Meilleurtaux.com explains, at the microphone of Europe 1, the maximum debt rate and duration will be increased, which will allow "young people to access property" in a context of very low interest rates, sometimes less than 1%.

A measure for the benefit of first-time buyers

The authorized debt ratio will thus drop from 33 to 35%.

"The last recommendations were made just a year ago, in December 2019, when banks were told to stop lending beyond 33% of debt. It is a rule that has been applied stricto sensu since June July and it blocked ", she specifies.

For a couple earning 3,000 euros net per month, the easing of the debt ratio will thus make it possible to borrow up to 12,000 more, which is important, especially during a first purchase. 

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The borrower will also be able to get into debt over a longer period and therefore reduce his monthly payments.

"We had a recommendation not to exceed 25 years, but this posed a real problem for purchases in new buildings, those which require construction," explains Maël Bernier.

Now borrowers will be able to benefit from two more years, which also helps younger people.

"The banks remain a little under constraint"

Indeed, Maël Bernier reports, "first-time buyers had left the market, including civil servants, despite total job stability. We have seen that there were loans granted to people who had income. well-off and savings, rather the oldest, 40-45 years ".

An imbalance that must be able to resolve this decision of Bercy.

"There are French people who self-censor, sometimes rightly so, but it is a shame to block people who are fundable. It is rather a good sign, the banks remain a little under constraint but have a margin additional maneuver. "

In 2019, the High Council tightened the rules to avoid the risk of over-indebtedness, especially in the event of a complex economic situation, as is currently the case.

But behind this change, Maël Bernier sees above all a confidence in the banks.

"There was indeed a desire to protect the French but French banks have never done anything, they have always lent in an extremely secure way by studying income, financial situation, savings, the sector of activity, etc. "

Nothing to fear, therefore, according to her.