The currently very low level of interest rates allows you to consider a combination of your different loans, so as to reduce your monthly payments. This purchase of credits can be coupled, if necessary, with the obtaining of additional cash, to release security savings or to finance new projects. Explain the benefits of a cash buyout and the criteria to be met.
Is it possible to combine a mortgage with a consumer credit?
You have several credits in progress: whether it is a mortgage, car or motorcycle loan, consumption, work, etc., it is currently very interesting to ask to proceed with their purchase by a bank.
This operation consists of bringing them together in one and the same loan – which contributes to significantly reducing the monthly repayment . A drop all the more notable with the current interest rates.
Attention, if this maneuver allows to gain in purchasing power, it supposes a lengthening of the repayment period and an increase of the total cost of the various loans.
However, with this solution, if the mortgage represents at least 60% of all loans to buy, the new credit will be built on the basis of a mortgage, with rates and durations associated. In this way, a camping car, swimming pool or equipped kitchen credit can finally be financed over 20 years …
Is it possible to pool credits when there is a zero interest loan?
If the repurchase of credit is very useful to clean up your budget, it can not be built with a loan with zero rate, to the extent that this one is nontransferable . Indeed, the bank at the origin of its subscription has already perceived the help of the State and will never return it to another body.
Moreover, if the bank has made only one mortgage (grouping the PTZ and the mortgage loan) , the borrower is obliged to pay the two financings, in order to be able to issue a new one. On the other hand, if the PTZ is not mortgaged, it will be possible to buy back the mortgage without integrating it.
Beware however, if it is possible to exclude the PTZ of the repurchase of credit , there remains the question of the new rate of indebtedness. His monthly payment, added to that of the new loan, must not exceed the maximum rate set by the bank.
How to obtain cash by buying back credits?
The credit redemption operation can also be an opportunity to claim a little cash, without having to take out a new credit, with the inherent costs. Limited to 15% of the total amount of loan consolidation , this reserve of additional money can serve different purposes: precautionary savings, a new project …
Free of use , this cash is unlocked without proof at the time of the signing of the credit redemption and can reach the sum of 60 000 euros, while a personal loan is limited to 20 000 € uros.
On the other hand, if it is assigned to a specific project , the funds will be awarded upon presentation of the quotations paid or invoice. For this case, the sum made available may be more substantial, to the extent that it is justified and does not exceed 15% of the total amount of the repurchase of credit.