The credit redemption is a good option to reorganize and improve your debt ratio if you have a lot of loans at the same time. It is a very well-known and above all very popular solution for reducing your monthly payments and airing your budget.
Many borrowers, especially those with a lot of debt, have a very complicated and unbalanced situation. This is why they have recourse to the repurchase of credit. On the other hand, you should know that when the applicant is considered a risk profile, especially when the amount is much too high, the bank may require a mortgage or a guarantee. The question that arises in this case is: is it possible to group together large loans without a mortgage? Let’s find out about this right away.
What is a credit redemption?
The repurchase of credit or the consolidation of credit is a banking operation which aims to lighten and free up the budget of a “compulsive” borrower, having made a lot of credits at the same time.
Indeed, when you make a lot of credits at the same time, the monthly payments to be paid each less are very heavy, which will weigh on the borrower’s budget. To reduce and lower his debt ratio, the borrower can then apply to a new bank to consolidate credits.
This new bank will then “pay” all these old loans, and combine all the monthly payments into a single monthly payment to be paid at this new bank.
The credit consolidation is also a way to review all your credits, and their durations. Note that the new monthly payment to be paid is much more advantageous and whether in terms of premium to be paid or over time.
What is a large loan repurchase amount?
So, the large amount of credit redemption will depend on your financial capacities! Indeed, if a borrower has made loans that exceed 50,000 euros, while his salary does not exceed 1,200 euros, we consider this credit as “large amount”. In any case, this amount or this value is not obtained at random, the law determines the maximum amount to be redeemed within the framework of this banking transaction.
For tenants, the amount not to be exceeded is 100,000 euros, while homeowners can go up to € 200,000 ;.
Any amount that exceeds these rates will therefore be considered a large amount. On the other hand, a candidate who has a debt ratio exceeding these values, but at the same time, who has comfortable income, can benefit from a credit consolidation. It is the same for a victim of bank registration.
Is it therefore possible to benefit from a large amount of credit redemption without mortgages?
Now back to our main question, is it possible to consolidate all the credits into one, while having a large amount, without mortgages? When the total amount of loans to be consolidated is rather large, the banks are more interested in your profile ! And yes, that implies that the interest rate obtained is more important. On the other hand, we must not forget that the request will be much more complicated because the study of your file will be longer and more complex. The establishment will ask for many more documents justifying your situation.
When the amount is substantial the bank is able to request guarantees or mortgages.
You should know that this situation has no risk for you if you manage to pay your installments before the end of your redemption. You can also appoint a co-borrower who is in a better financial situation, as a guarantor (some banks also require the co-borrower to withdraw a mortgage).
In general, above 200,000 euros, the mortgage is an obligation. For tenants whose amount exceeds 100,000 euros, the borrower can consider a payday transfer to allow the borrower to avoid the mortgage, while being sure to benefit from monthly and fixed premiums.
Indeed, a salary transfer is an option that would allow the bank to collect its due, automatically, directly from your salary, following your agreement of course. The amount debited will be calculated by the local court registry in your area.
If you have not managed to find a bank that would agree to buy back your credits, you can in this case, go through a broker. The latter will accompany you during your steps, and will help you to negotiate your interest rates.
How to have a repurchase of credit without a mortgage?
First, we advise you to use online calculation tools, in order to find the best borrowing organization according to your case, and the feasibility of these conditions. We must at all costs avoid accumulating refusals.
After this step, you will know exactly where to turn to find a suitable borrower for you. Build a serious and solid case to convince the banks more easily.
What are the loans that can be included in a repurchase of large credits?
Borrowers who wish to consolidate their loans into one can choose to redeem TOR their credits or a part. Consumer loans and personal loans (such as household appliance loans, revolving loans, personal loans, etc.), can very well be grouped together in a single loan regardless of their amount. Furthermore, all profiles borrowers can opt for the repurchase of credit, whether you are:
- employees;
- artisans;
- officials;
- seniors over 65;
- young retirees;
- employers;
- owners;
- tenants….
If you have a mortgage, this procedure is only advantageous during the first thirds of your contract.
PS: if more than 60% of loans concern real estate, then, the repurchase of credit in this case is said: a repurchase of mortgage. Otherwise, otherwise, we are talking about a consumer credit.
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