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Politics Real Estate: In the event of a hard blow, it is possible to decrease its credit maturities according to its income

14:10  10 april  2020
14:10  10 april  2020 Source:   20minutes.fr

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If resources come to decrease, certain clauses of the contract can allow to suspend or reduce the monthly repayment

En cas de baisse de revenus, votre contrat peut vous permettre de diminuer ou suspendre vos mensualités de prêt immobilier. © IStock / City Presse In the event of a drop in income, your contract may allow you to decrease or suspend your monthly mortgage payments. MONEY - If resources decrease, certain clauses in the contract may allow the monthly repayment to be suspended or reduced

In France, nearly one in three individuals reimburse an mortgage , according to an OpinionWay survey carried out in March 2020 for the broker network Vousfinancer.com . However, committing to pay nearly 1,000 euros each month to his bank to afford the house of his dreams is far from trivial. Who can say what their financial situation will be in two, five or ten years?

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In the event of a drop in activity, unemployment or a disabling accident, it can become difficult to pay off your debt. The first reflex should then be to contact your bank advisor to find out what payment facilities are provided for in your contract. Certain provisions indeed make it possible to face such situations.

Lower your monthly payments

A bad economic situation is enough to jeopardize a professional activity. You are self-employed, micro-entrepreneur or liberal professional and you know that your income will decrease? To limit the damage and avoid ending up in the red, you can use the modulation clause, in principle provided for in any mortgage. It is also very useful if you have been placed on partial unemployment as an employee.

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This provision allows you to ask your advisor to temporarily reduce the amount of your monthly reimbursements, in order to best adapt them to your new situation. Depending on the conditions specific to your bank , you can reduce your monthly payments by 10 to 30%. In most cases, this clause can only be activated after one to two years of effective reimbursements. Similarly, this reduction in your maturities is necessarily accompanied by an extension of the total duration of your loan. However, lending institutions limit this duration to a maximum of two years. Please note that this operation may result in administrative costs.

Suspend your monthly payments

Certain hard times can completely deprive you of the majority of your income and prevent you from meeting your needs while continuing to pay your loan maturities to the bank. When the reduction in monthly payments is not enough, you can request their outright suspension.

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If, here again, everything depends on the general conditions of sale of your contract, be aware that the mortgage loan offers which provide for this possibility authorize, most often, a postponement of one to twelve maturities maximum, starting from one to two years of effective reimbursements. But beware, that doesn't mean you won't have to pay anything at all. The suspension of monthly payments does not apply to borrower insurance premiums , which must therefore continue to be paid every month.

Like the temporary lowering of your maturities, their postponement inevitably leads to an extension of the term of your mortgage, and therefore additional interest. That said, given particularly low rates in recent years, the impact remains limited.

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