Today, the combination of several factors favors banking mobility : the emergence of online banks multiplying the number of offers and a legal framework protecting the consumer / borrower. Let’s study together the case of a person wishing to change bank without mortgage loan and the case of another, with a loan already subscribed.
Case 1: The client has no real estate loan in progress
Should he contact his historical bank?
Do you have a current account and savings solutions in a bank and you are considering a first real estate purchase? The first step is to contact your institution, so that it makes you a proposal.
Rich with a lot of information about your profile (evolution of savings, overdrafts …) your historical bank is definitely a contact to solicit: it can more quickly issue a proposal since it already has the necessary information.
Can he / should he question other banks?
However, this does not mean that we must be satisfied … It is essential to be able to compare several proposals to be able to have arguments to negotiate. An approach that involves carefully collecting the supporting documents for distribution to the various organizations solicited.
Professional coaching is strongly advised: the know-how of a credit broker can direct you to the banks most likely to respond favorably, and his negotiating skills will make you enjoy the best possible conditions in the current context.
Case 2: The client has a mortgage and wants to change banks
What does the Macron law say?
You have already taken out a home loan, but you are not satisfied with your current bank. So, already, know that it is quite possible to transfer it to another agency , while remaining within the same bank.
Otherwise, be aware that the change of institutions is facilitated by the Macron law and especially by amendment 322 which provides for a “redirection service to the new account of all credit or debit transactions that would occur on the account closed to the new account ” .
How to do with a non-transferable real estate loan?
Concretely, the French Banking Federation, in its guide on mobility, cleared the three possible options for changing banks with a mortgage being: you can keep your loan, pay it in advance, or request a credit redemption another establishment.
In the latter case, do not hesitate to be accompanied by a broker to negotiate for you the best possible conditions.
What are the obstacles to bank mobility?
If the law promotes banking mobility, it can not make real estate loans transferable . In fact, to be able to change banks by having one, another organization must agree to buy it back.
Therefore, like any loan underwriting process, your personal situation is carefully examined to estimate the risks you represent. A history of forbidden banking or insufficient income can then prevent you from changing banks.
Whatever the situation in which you are, the wisest is to seek the advice of a professional and let you guide to the solution best suited to your situation.