The purchase of a house is the dream of many households, for others it is an efficient and profitable investment. Can you borrow to buy a house without having contributed? Our experts answer you.
House: borrow without contribution
As part of a home purchase, the contribution is not necessary. Some credit institutions consider that the contribution is one of the essential criteria for obtaining financing, but it is in no way an obligation. This is a positive point in the file to obtain advantageous conditions, that said other criteria allow borrowing with attractive conditions in the context of the purchase of a house. These other criteria are, among other things, income, the absence of rejections or payment incidents in the last few months and perfect management of one’s bank accounts. These simple 3 criteria form sufficient clues to reassure banks and convince them to legend to borrowers who have no financial backing.
Bank direct debit has also become a subject of battle, to the point that legislation was born on January 1, 2018 obliging banks to clearly inform borrowers of a preferential advantage in the event of a proposal for direct debit in this news bank. Consumers therefore have more possibilities to negotiate good conditions and be able to buy the house without contribution. Finally, borrower insurance can also be negotiated and weighed in the balance.
Buying a house without contribution: how much?
The first important step before embarking on procedures is to calculate the amount that you can borrow with your current situation, this is called borrowing capacity. A borrower alone, just like a couple will have a well-defined borrowing capacity, it takes into account the total income of the households but also the cartoons with in particular the credits being reimbursed. There can be blockages in obtaining financing when the current loans are too numerous and have too large a share in the expenses of the household, this situation is frequent and can be resolved with the use of loan repurchase consumption.
Simulate a loan for a house
The first step remains to use an online simulation, it is a comparative approach to probe credit institutions that can grant financing. The simulator allows you to enter your financial situation, specify any credits in progress and validate financial and personal information. After validation, a few minutes are enough to obtain a financing estimate and especially to be aware of the current loan conditions: rate, amount, duration and monthly payment. This approach is above all without obligation and offered free of charge. Finally, it is important to compare the rates but also the total cost of the mortgage to compare two financing offers.