Real estate loan with co-borrower: what specificities?

Borrowing with a co-borrower implies certain subscription terms, it is easier to obtain financing but it is also specific to the situation of the two borrowers.

Real estate loan with a co-borrower

Real estate loan with a co-borrower

Borrowing with another person can pool income and expenses, we will generally borrow with his spouse (PACS, marriage) to make a real estate purchase. This purchase makes it possible to become owner or to invest in the stone and being in two, one can claim a more important but also more favorable conditions of repayment, with a better rate and a shorter duration.

It is important that both borrowers have a contract type permanent or permanent employee, note that some banks agree to consider a profession on fixed term that can lead to a CDI (promise to hire). It is therefore necessary to learn about the specifics of a mortgage for two, with a co-borrower because depending on the status of both spouses, the obligations will not be the same.

Specificities of the mortgage loan to two

Specificities of the mortgage loan to two

If the lender is reassured by the addition of a co-borrower in the mortgage file, it is imperative to specify the status of spouses to know if they are pacsés, married, in concubinage and what type of contract was put in place. By default, the pacsées and the married people are solidary of the debt, that is what the law provides. That is, in the event of separation, the two former spouses will have to continue to repay the debt together and if one of them refuses to pay, the bank will turn to the other. This is called the community-reduced-acquests system.

For persons who have not defined a contract or live in concubinage, it is the principle of the community regime reduced to acquests that applies, that is to say that the two co-borrowers are in solidarity with the debt. For example, the universal community regime provides for the pooling of all property acquired before and after marriage.

Get a mortgage estimate for two

Get a mortgage estimate for two

If a borrower has two to obtain a larger amount but also reassures banks, you must be able to observe and compare the rates that are offered in the mortgage market. Conducting a real estate mortgage simulation helps clarify the situation of both spouses, including the type of union and the income of each borrower. This simulation makes it possible to solicit the various financial organizations, ie banks, brokers, credit institutions to obtain mortgage loan proposals.

The advantage of having a co-borrower is naturally to be able to claim better rates, a greater borrowing capacity and therefore the opportunity to buy larger. It is simply necessary to validate these elements and to be able to negotiate good conditions, the addition of a contribution can be a real added value in this type of file, either to reduce the cost of the loan or to add meters square to good to buy.