Homeownership is an important project that often requires obtaining a real estate loan to become a reality. To obtain this credit, a certain number of conditions must be met, but contrary to what the majority of borrowers think, having two salaries in a couple is not one of them. Banks tend to assess a household’s solvency on the basis of its debt ratio.
Real estate credit with only one salary
The purchase of real estate is such an important investment that households often have to go through the credit box to be able to finance it. Such a loan represents a significant amount of money that will be repaid over the long term, between 15 and 20 years. Granting a real estate loan represents a very great risk for the bank.
This is why it imposes criteria on borrowers who wish to obtain their financing. Among the conditions demanded by the banks, one finds first of all the stability of the professional situation of the applicant. The best profiles, in this case, are civil servants, holders of permanent contracts, and company managers. Indeed, this type of borrower benefits from a regular income and a fixed salary that allows him to ensure the repayment of his debts over the long term. While the salary is one of the criteria taken into account by the loan organizations to assess the couple’s solvency, it is not the number of salaries that counts, but the amount that the couple is able to pay monthly in repayment of their debts.
It is, therefore, possible to become a homeowner with only one salary. The condition is that this income must be large enough to ensure the repayment of the monthly payments. In terms of debt capacity, the maximum rate accepted by the banks is 33%. A borrower cannot devote more than a third of his salary to the repayment of his monthly payments to avoid the risk of over-indebtedness.
Real estate credit at the best rate with only one salary
Obtaining a real estate loan at the best rate is a way to reduce the number of your monthly payments and thus benefit from a greater capacity of indebtedness. To do this, it is necessary to enter into a comparative approach in order to benefit from the best rate on the market. Given the number of players operating in the field of finance and the variety of offers, the most effective tool to do this is the online mortgage comparison tool.
This tool has the advantage of being free of charge and allows you to obtain several financing proposals simultaneously to facilitate the comparison. Initially, the user will have to fill out a form with a certain amount of information about the financing he wants and about his financial situation. On the basis of this information, the comparator will approach several institutions offering loans with a single salary.
The user will then be redirected to a results page displaying the various proposals corresponding to his criteria. The user will then be able to compare the rates charged by the different organizations and choose the loan offer that seems the most advantageous.