Historical increase in the rate of refusal to obtain a loan. The president of Cafpi, Olivier Lendrevie details the recent upheavals in the real estate market following the rise in rates this summer.
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The rise in rates results in a high number of people who no longer have access to credit, according to the president of Cafpi, a mortgage broker. “At Cafpi since July 1, we have experienced a historically high rate of refusals. 42% of the files we sent were refused, compared to 15% at the start of the year”, worries Olivier Lendrevie.
“The great novelty is that we see people with much more comfortable incomes who are rejected because of the cost of their borrower insurance because they are over 45 years old.”, he adds. The broker no longer works for several banks which have stopped obtaining loans and which he refuses to name.
“I have never met a Frenchman who put himself in a situation of financial ruin because of a 2% real estate rate”
Olivier Lendrevie, president of Cafpion franceinfo
The problem, according to the broker, is the usury rate, the maximum rate at which banks can lend. A rate of 2.57% today, it is set by the Banque de France and reassessed every three months. Today Olivier Lendrevie denounces a rate of wear “which prevents the French from borrowing 4 points below inflation”.
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