Mortgage loan: 1 French out of 2 has already changed banks
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More than 1 in 2 French has already changed banks in favor of a mortgage loan, reports Bank in a study published last Wednesday. This is particularly true for Generation Y. On average, the French need 7 years to gather the necessary personal contribution.
2017 will have brought luck to the real estate sector. The French borrowed about 255 billion euros that year, says the Bank of France. This increased activity for the banks goes hand in hand with the fluidity of the clientele. 8 in 10 French have already thought of changing banks in favor of a loan, reports Bank in a study published last Wednesday.
62% of generation Y
Bank has studied the behavior of 10,000 borrowers in 10 different countries. The French think more often than others (61%) to change banks. They also concretize this idea more often (52%) than the average (44%). In the overall standings, they come second just behind the British (53%). The Macron law made this operation easier. Individuals can ask the bank to take the steps.
Behaviors change according to the age of the borrowers. 52% of French baby boomers (born between 1945 and 1960) have already taken the plunge. This rate falls to 49% for Generation X representatives (born between 1961 and 1981). On the other hand, 62% of generation Y (born between 1980 and 2000) has already knocked on the door of another bank. When they try the adventure, the overwhelming majority of customers (82%) say they are looking for a better deal.
7 years to make up their contribution
The French follow their interests much more than the other nationalities surveyed (55%). This trend reflects the weight of real estate debt, more important in France than in other countries analysis site Money Bursary. The French spend 36% of their monthly income on average, and up to 40% for the youngest. Proof of the importance of this item of expenditure, 38% of French people are afraid of not being able to meet their deadlines.
Three out of four French people (76%) think that they will have a hard time getting the necessary personal contribution. To achieve this, 28% of first-time buyers rely on family financial support. This difficulty in raising funds explains why the French take an average of 7 years to make up their contribution. This falls to 3 years in the UK, compared to 5 years for the global average in the Bank study.