At present, the conditions for obtaining a mortgage are further reinforced: impossible to borrow for a period of more than 25 years, having a debt ratio of less than 35%, etc. Results: there are more refused applications compared to 2021. In addition, the rates continue to increase. Despite this complexity of access to credit, there is a glimmer of hope, the Lemoine law !
The Lemoine law: what is it exactly?
In force since June 1, 2022, the Lemoine law particularly concerns the termination of borrower insurance. From now on, you no longer have to wait for the anniversary date of your contract to change loan insurance. You can do this at any time.
The Lemoine law comes at the right time, we can say. The conditions for accessing mortgages are more complex in 2022. Indeed, the wear rate stagnates at 2.40% over 20 years, not to mention the new rules of the HCSF: and the rise in rates (ranging from 0.45% to 0.70%).
Thanks to the Lemoine law, it is possible to save more on your mortgage.
The Lemoine law makes your life easier, here’s why!
The Lemoine law meets specific objectives:
- Make life easier for borrowers (policyholders). You can change borrower insurance at any time. No need to wait for the annual expiry date of your contract to terminate it.
- Enable fairer, simpler and more transparent access to the borrower insurance market. Access to mortgages is therefore simplified.
- Save between €5,000 and €15,000, according to the team of MP Patricia Lemoine. Simply change insurance or opt for a delegation of insurance when signing the mortgage. In some cases, the Lemoine law can allow you to save up to €44,000.
let’s remember that loan insurance covers and protects the borrower (the insured) against the inability to repay the monthly payments of his loan. It is very useful in the event of death, total (irreversible) loss of autonomy or permanent or total disability. Of course, this loan insurance is not compulsory. Despite this, it turns out to be advantageous. Logically, a bank will not lend you any money without adequate credit insurance.
Other important points to remember about the Loi Lemoine
The termination of borrower insurance at any time is not the only major change brought about by the Lemoine law. There is also the permanent deletion of the medical questionnaire but only for certain cases (loans below €200,000 per person and loans repaid before the borrower turns 60). It is generally used as the basis for calculating the price of borrower insurance.
For memory, significant changes relating to borrower insurance were made by other devices before the Lemoine law. This is particularly the case with the Lagarde Law in 2010, the Hamon Law in 2014 and the Bourquin amendment in 2017. It was the Lemoine Law that closed the loop by allowing policyholders to change insurance at any time. time even after the first year of the loan.