Few people can afford to buy real estate in Brittany without taking out a bank loan. When putting together a financing application, banks generally require a personal deposit, averaging 30% of the transaction amount.
That said, some banks accept smaller deposits for real estate, and even agree to finance the purchase in full. If you do not have sufficient savings, here are 4 tips to help you obtain a loan.
The source of the deposit does not matter
This is an important point to know for anyone wishing to invest in real estate. The deposit can come from a donation, family assistance, an inheritance…
Therefore, if you do not have the amount requested by the bank, you should not hesitate to ask those around you to help you build it up. And why not consider setting up a SCI (property investment company) to invest in real estate?
Having an optimal banking situation
When you approach a bank to obtain financing and buy a property, it is preferable to present accounts that will inspire confidence over a long period, even if you have a low income: an absence of overdrafts, no revolving credit, and a proven ability to save, even if it is a small amount. You must demonstrate your management skills.
A solid application
Present your project to the bank as objectively as possible, showing the advantages and disadvantages of the real estate purchase.
As with work, it is better to be prepared and to have considered all possibilities to properly defend your application, especially if you do not meet all the requirements.
Comparing the competition
Remember that banks are in competition and looking to attract customers. Although your financial situation may not be optimal for buying real estate, this competition is an asset for you.
To save time, you can contact a mortgage broker who will handle presenting your application to various financial institutions and clearly explain the offers made to you.
Are you planning to invest in real estate? BPS Immobilier offers you many opportunities.
