You can become owner from 18 years, the legal age in France to be able to make a mortgage within banks.
Minimum age for a mortgage
In France, you have to be 18, in other words the majority to be able to make a mortgage in a bank. If age is a mandatory condition, there is the notion of borrower profile that comes into play. That is, at the very least, you must have a CDI type contract and a sufficient debt capacity to be able to borrow as part of a mortgage loan. In France, the maximum debt is 33%, in other words, if the young borrower does not yet have credit, he can devote up to 33% of his income to the repayment of a monthly mortgage loan.
It is therefore necessary to submit a loan application, taking care to specify its situation and obviously to specify the amount desired to borrow, banks can study the feasibility and inform the borrower of the financing solutions that come his way.
Real estate loan and young borrower
Borrowing from banks when one is young is not always obvious, these candidates for mortgage generally have no contribution to add to the file, which can sometimes unblock a situation. The contribution very often makes it possible to reassure the bank on the repayment of the funds, but the contribution also makes it possible to negotiate better conditions of loans with lower rates. A contribution can be the fruit of a resale of car, a personal saving or a financial boost of the parents.
Another point is that young borrowers who have recently obtained a majority and who are entering the labor market may be domiciled with parents or rented, this charge is taken into account in the assessment of the repayment capacity and may reduce the rest. to live, a key element in a feasibility study. It is therefore necessary at this stage to perform a simulation to obtain a first funding offer.
How to apply for a mortgage?
Banks do not all have the same targets, some are geared towards short-term real estate loans, others are long-term loans, and some banks prefer more mature borrower profiles. It is therefore not easy for a young borrower to quickly and easily find a credit contract offer to buy real estate, the use of an online simulator can facilitate the process and guide the request to credit institutions that can meet favorably.
It is enough to deposit a loan application by specifying the desired amount but also the situation of the borrower, the banks will thus be able to study the request and make a financing proposal taking into account the situation and the need. Note that the domiciliation of bank income can play an important role in obtaining good conditions, in other words a more attractive rate. Lastly, it is important to know that housing loans are free and without obligation.