Having a house or an apartment means having permanent projects! Whether you live in new or old accommodation, you probably have many ideas in mind: a new kitchen, an extension, new openings, a terrace or an attic to convert. There is no shortage of ideas, but the budget is not expandable. What if you used the loan buy-back as a tool to help you finance your work?
Finance your work with mortgage
Do you want to do big jobs? Beyond a few cosmetic and aesthetic modifications, you are considering the creation of a room, the removal of a partition, or the upgrading of your electricity or the improvement of your thermal protection. The concern is that with a loan in progress for the property, and perhaps other debts in parallel (consumer credit, revolving loan), your ability to borrow is not good.
Your debt ratio is higher than 33% (share of your expenses in relation to your income), and you fear the exchange with the banks to request a work credit? However, it is possible, depending on your file and the conditions of your various loans, to have recourse to credit consolidation.
You have two main possibilities: Integrate work into a loan buy-back, or combine your credits to finance work. We detail each solution.
Integrate work into a loan buy-back
Do you already have several credits in progress? So group them together. If you bought your property at a rate higher than those currently practiced, it is a safe bet that you can significantly reduce the total cost of credit, sometimes even by extending the duration. Request a credit buyout organization like to build your file.
We are contacting several banking organizations for you. To help you carry out your work projects, a tailor-made solution is offered: your credits are grouped into one, with a single monthly payment to honor at the end of the month. In addition to the pooled credits, a sum of money, called “cash” is released.
This sum of money, which you repay through the grouping of credits, can be used for your work. Indeed, like a personal loan, this sum can be used in a completely free way. You don’t have to justify your expenses!
Consolidate its credits to then finance works
Another solution is to use consolidation to consolidate your finances, and then have an ideal debt ratio to borrow again. As with the first solution, you can entrust your refinancing request to the experts at .
A loan consolidation solution is offered to you, without integrating additional cash. You then pay off your new monthly payment, and you have a larger amount of living left. When the time comes, you can borrow again to carry out your work.
Unlike the first solution, not directly integrating additional cash leaves you free hand on the work schedule. You can use the strength of loan consolidation, but do not complete your work until two or three years later. You will then no doubt have savings available and a reduced need for credit.
Purchase of credits and works
Whatever the solution, carrying out work in your property should not seem insurmountable. Know also that in addition to your financial package, you can take advantage of many aids put in place by the state (tax credit in particular) if you plan work that relates to the improvement of housing.
In order to have a complete vision of the possibilities which are offered to you, enlist the help of an advisor. An expert will be dedicated to you, and will give you quick answers to all your questions related to loan consolidation.