Thanks to the “bank mobility contract”, it is now easy to change banks. But real estate loans are still not transferable. Yet solutions exist for those who want to compete in this case.
For a long time, the change of bank was considered a complex operation. But the formalities were gradually simplified. And according to Bain, the rate of attrition – understand the share of customers who have changed main bank in the last five years – doubled between 2013 and 2016. A trend that now seems to be permanently in the habits of the French. Especially since a survey conducted in January 2017 reveals that those who have taken the step award the mention well (average score of 15.7 / 20) to their new bank when it did not give the average to their old (average score 9.4 / 20). The satisfaction gain is undeniable.
Bank change: easier than ever!
Since February 2017, the so-called Macron law for growth, activity and equal economic opportunities facilitates bank changes. It is indeed now your new bank – also called arrival bank – which deals directly – and for free – with your old bank – the bank of departure. Your bank of arrival is thus in charge and in particular to prevent the issuers of levies and transfers of your change of banking domiciliation via the mandate of bank mobility that it will make you sign. All within a maximum of 30 days.
But what if you have a home loan from your home bank? Know first of all that nothing – except a banking ban or a refusal of file on the part of the bank of arrival – does not prevent you to open a bank account in a bank other than in the one with which you contracted said credit. The clauses that require the buyer to domicile his income with the lending institution are indeed considered abusive. And since 2004 already.
Change bank with a mortgage
Second, given the fact that a mortgage can not be transferred, several scenarios can arise:
The simplest administrative solution is to leave your mortgage in your bank. All you have to do is plan an automatic monthly transfer from your new bank to your old bank. This solution, however, forces you to keep two bank accounts in two different banks. And it will probably cost you some additional bank charges.
If you want to leave your old bank for good, you will have to buy back your home loan – or prepay it with equity – from your home bank or another lending institution. At this time, you may be able to obtain more advantageous terms than those offered by your bank of departure. Be careful, however, because an early redemption payment (ARI) may have been scheduled at the signing of the contract. You will then have to justify a legal reason, such as the cessation of a professional activity, to be exonerated.