Negotiating mortgage terms requires you to address each element that makes up the file one by one because once the preliminary offer has been signed, it will be more difficult to obtain satisfaction from the bank, especially if you wish to cancel the prepayment.
How to calculate the allowances?
The method of calculation is specified in the preliminary offer, like all the elements that make up your mortgage. You must therefore refer to your loan agreement . If the reimbursement conditions were negotiated at the start , the modifications will appear either in the offer or in an addendum. At this stage, be aware that a letter signed by your advisor stating that the article dealing with early repayment penalties have been modified and specifying the new conditions have legal value as a contract.
Case of consumer credit
Article L311-22 of the Consumer Code sets the conditions under which a personal loan can be repaid and the manner in which penalties apply. The legislator has planned to cancel the fees in the following three scenarios :
- Repayment of a revolving credit
- Loan settled by the insurance company following the application of death or disability guarantees
- Variable rate loan
In all other situations, the maximum penalty rate is set at:
- 1% of the amount reimbursed when the remaining term is greater than 1 year
- 0.5% of the amount reimbursed when the remaining term is less than 1 year
Case of the mortgage
Article L312-21 of the Consumer Code allows the borrower to repay at any time by fraction of a minimum of 10% of the capital originally borrowed . It provides for three cases of exemptions in the event of the sale of the accommodation for one of the following reasons:
- Job transfer
- Forced termination of employment.
If the request follows the repurchase of a mortgage
When the request for cancellation of penalties follows a repurchase of the mortgage by the competition , the bank systematically refuses to make a gesture. Indeed, it will not accept losing money for a client who leaves it for a competing bank. On the other hand, when the operation is carried out internally, many of them agree to give up these penalties when the borrower takes out new credit.
- To calculate its borrowing capacity, use the simulator .
No fees on regulated loans
Loans subsidized by the State or local authorities are not subject to penalties. If your request concerns the total or partial reimbursement of a PTZ , the bank will not be able to charge any fees.