Is carrying out a second loan redemption possible? – Meilleurtaux.com

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Published on
Tuesday November 28, 2023 10:46
by the Meilleurtaux Editorial Team

Requesting a second redemption is possible, but this may incur additional costs and affects the overall cost of the operation. However, it offers the possibility of including cash to reduce monthly payments. But pay attention to the debt ratio which must not exceed 35%, with a certain flexibility for higher income.

Can we consider a second grouping of credits? The answer is yes, even for reasons similar to the first purchase: reduction of overdraft risks or increase in remaining life.

To minimize costs during the second repurchase, several approaches are possible. First, perform a credit redemption simulation will be necessary. The borrower can also use a online comparator to have an overview of the services of several banks. Using a broker to access the best conditions is another alternative. This optimizes the chances of approval. However, a second credit redemption creates some financial consequences. For example, he can generate other processing fees.

I reduce my monthly payments

Methods similar to the first buyout

To make a second credit redemptionborrowers follow the following steps:

• Identification of loans to be collected and determination of the amount required;
• Integration of a new credit or assessment of needs for additional funds;
• Choice of offer: repayment duration or affordable interest rate;
• Signing the contract and waiting 14 days.

For a second repurchase, the viability of the operation depends on the decision of the credit institution or the bank. They evaluate the applicant’s profile taking into account various elements. This concerns in particular the financial administration of the account, monthly expenses and income, work stability and personal status.

Various files are useful for the second credit consolidation. The lending organization needs the repayment tables of the loans to be consolidated, the latest tax declaration, retirement allowances. Added to this are the last three account statements, recent financial statements for the self-employed and pay slips for employees.

A second credit consolidation is possible

It is possible to make a second repurchase of credits, but this can have various financial repercussions.

• With a longer duration, whether it is a real estate loan, the overall cost of the operation increases;
• In the case of a home loan, early repayment allowances (IRA) are required. They are capped at 6 months of interest or 3% of the amount borrowed;
• The integration of a real estate loan entails release costs linked to the mortgage.

However, the possibility of a second credit redemption is current. It is possible to include cash, not to exceed 15% of the borrowed capital during a second redemption. This reserve can be used to anticipate unforeseen charges.

For a wedding, a trip or the purchase of a primary residence, taking out a new loan may be necessary. However, high monthly payments can compromise these various projects due to a debt percentage excessive. This one should not not exceed 35%with some flexibility for greater income.

Exposed to a risk of over-indebtedness, a second consolidation of credits may be the solution. It optimizes repayment capacity and reduces monthly charges. This operation will make it possible to consolidate the loans and extend the repayment period.