Want to see the effects of a pool of credits on your finances? (only one monthly payment, reduced up to 60%, possibility of request for cash, a single interlocutor …)
Many people who seek to reduce the cost of their repayments frequently ask whether it is possible to make multiple credit purchases.
If this is your case too, rejoice because you have the opportunity to make several credit redemptions. Many conditions are however required by the financial institutions that can grant you this.
All these conditions must indeed be respected, because the fact of having already resorted to one or more credit redemptions is a sign of a bad financial situation.
Normally, the first purchase of credits, regardless of whether you are buying a consumer credit or buying a mortgage, should provide you with financial support and be a good solution.
Even if you qualify, credit agencies will not grant you a new credit redemption right away.
They will check and look for the reasons that prompted you to apply for a redemption of credits, as some reasons are acceptable, others not.
Anyway, a new redemption will also be an opportunity for you to review your credit insurance. Do not hesitate to carry out a redemption simulation on our platform.
Why make several purchases of credits?
The main reason that a borrower can request a new purchase of credits is actually a bad financial situation. In addition, not all motives are valid.
Some are acceptable, some are not. Acceptable reasons include the need for cash to cover fixed expenses, divorce, job loss, serious illness, life accidents and more.
However, if this new redemption request is associated with a new consumer credit (revolving credit, personal loan, credit works, etc.) or mortgages, the lending agency is likely to reject your file.
What are the conditions to benefit from a new purchase of credits?
Banks must guarantee their investment before granting credit buybacks, which is why they require compliance with several conditions.
If you wish to receive a new redemption of credits, take into account that your request should only be made if a year separates the old redemption from the current redemption.
In logic, the borrower solicits a refinancing of his loan only when he has financial worries. Regardless of whether it is a second, a third or even a fourth redemption of credits, the principle is the same.
The rate will be reconsidered, the repayment period longer and the amount reduced. You can also take the opportunity to change your insurance borrower.
However, as you can imagine, this operation is still subject to certain conditions, including the ability of the loan applicant to honor its monthly payments.
Be that as it may, whether it is a 1st, 2nd, 3rd or another redemption of credits, the subscriber must refrain from any possibility of subscribing yet other loans (mortgages, credit consumption, revolving credit, mortgage, etc.) to be able to cope.
In addition, mortgage insurance is required to the subscriber. It is thus easier for an owner to benefit from a repurchase of credits than for a tenant.
In addition, the redemption requestor must not have an excessive level of over-indebtedness, so that prepayment or not is possible. For this reason, it is capped at no more than 60% of the borrower’s income.
If you meet all these conditions, then you have the possibility to subscribe to a new buyback credit. In addition, if you have not been satisfied with your insurance borrower, do not hesitate to change it.
To do this, do not hesitate to perform a credit insurance simulation on our platform.
Some situations that may lead to several credit redemptions
Various situations may prompt you to apply for a new credit redemption:
- you have already made a redemption credit, but you want to take advantage of a better rate or further reduce the cost of your repayments: in this case, you can therefore claim to buy back your previous credit redemption (do not forget that it will lead tough negotiations with banking organizations to save you prepayment penalties);
- After subscribing to a credit redemption in the past to reduce your debt ratio or to consolidate your monthly payments, you have been able to save some money and restructure your finances and you want to be able to invest in real estate. You also have the option to apply for a repurchase of real estate loans that will buy back your previous purchase of credit to insert it into the new repurchase of mortgages. With this new buyout, you can finance real estate while honoring your previous loan. You will certainly benefit from a more attractive rate and above all, you will preserve a single monthly payment.
- You are never safe from unforeseen events such as debts or works that can claim additional credit (credit works, revolving credit, etc.) despite the subscription to a first loan buyback. After buying your credits once, it may happen that overnight you need a new loan, like mortgage credit. In this case, a new redemption may also help you.
Some conditions that should be observed
Although you have the possibility to request several loan repurchases for various reasons (consumption redemption, mortgage, etc.), this operation is however subject to very rigorous provisions:
- It is important to agree to a period of approximately 3 years between two loan buybacks, given the complexity of the transactions and the cost of the sums involved in the redemption.
- In addition, it will be necessary to have a good record and not to have any file at the Good bank or to have been rejected any monthly payment.
In short, the borrower has every opportunity to solicit several credit buybacks, regardless of whether or not it is a redemption.
Requesting a new buyout will also be an opportunity for you to review your borrower insurance. Anyway, a redemption comparison will allow you to benefit from a better buyout. The same is true if you want a better mortgage credit or better insurance.