That a buyer does not borrow 100% of the cost of the property he wants is more secure for the banks. Indeed, in the absence of personal contribution, the risk is that this client will one day find himself in a complicated financial situation, if he is forced to quickly resell his home (for example in the event of divorce) while the value of it has fallen in the meantime. The amount of the loan repayment would then be higher than the sale price.
This has not prevented, in the past, financial institutions from lending to borrowers who do not have a nest egg to put in the pot: “Two years ago, financing cases for first-time buyers without a contribution did not pose any difficulty since all the banks offered it”, recalls Ludovic Huzieux, co-founder of Artémis Courtage. However, this period is over: “Today is exceptional”, he emphasizes.
Banks now almost systematically ask for 10% of the contribution, covering the notary fees, as well as the fees and credit guarantee fees. “It’s even better to have an additional 10%”, says Maël Bernier, spokesperson for the broker Meilleurtaux.
Family solidarity
No need to think too big: “Banks offer identical rates to first-time buyers with 20% or more contribution. There is therefore no point in going further, unless it reduces your debt ratio to fall below the 35% threshold ”, adds Pierre Chapon, co-founder of the broker Pretto.
To raise the necessary sum, buyers draw on their investments (passbooks, life insurance) and their employee savings plans (company savings plans that can be released at any time to acquire a main residence). They also bring family solidarity into play through donations from parents or grandparents.
“Donations complete the contribution but are also a positive signal for the bank: this means that in the event of payment difficulties, the borrower will probably be able to benefit from the support of his relatives”, remarks M. Huzieux.
It’s all about balance: “Banks look favorably upon young people whose personal contribution comes from a donation. But a 45-year-old couple with comfortable incomes, who buy for the first time with a contribution coming only from the solidarity of their family, arouses the suspicion: why did they not put money aside themselves? “, continues Cécile Roquelaure, director of studies for the broker Empruntis.
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