Before giving a favorable opinion or rejecting the request, the lender seeks to know you. Civil status, repayment capacity, debt ratio: what are the supporting documents to be provided for a credit buy-back?
The documents for a repurchase of mortgage as for a grouping of personal loans are numerous. They allow banks to know what borrower profile they are facing.
This data is essential in the analysis made by the bank advisor and therefore largely determines the financial conditions which will be granted. Note in passing that a complete loan buyback file will be processed quickly for an accelerated response.
It is therefore in your best interest to prepare the supporting documents beforehand so that the redemption of credits becomes a study commission. What are they ? Identity, place of residence, income and bank accounts: their number and their nature vary according to personal, professional and patrimonial situations.
What documents to provide for a mortgage loan repurchase?
There are a wide variety of documents to provide. Depending on the type of loan you wish to take out or on your family and professional situation, the supporting documents to be provided are different.
Important: do not hesitate to ask your contact, banker or broker, for the list of documents to provide. Indeed, there may be some differences between financial institutions.
Among the supporting documents for the repurchase of credit, the lending establishment is obviously interested in your identity and your family situation. For the checks to be carried out, the file must contain:
- a front / back photocopy of the valid identity card or passport (the lender will normally ask to see the original of your proof of identity as a supplement);
- a photocopy of the family booklet (including the pages relating to the last child);
- in the context of a marriage or PACS, a photocopy of the marriage contract, if applicable, or of the civil solidarity pact;
- following a pronounced divorce, a photocopy of the divorce decree;
- within the framework of a real estate civil society (SCI), the statutes of the company.
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Proof of income
To analyze the feasibility of the request to buy back credit, the lending organization studies the cash inflows in order to establish a borrowing capacity. Depending on their status and activity, the applicant must therefore submit the following documents:
- the last 3 pay slips (including the one for the last month of December in order to record the end-of-year bonuses),
- the last 2 tax notices,
- a photocopy of the employment contract or the employer’s certificate (the date of entry into the company making it possible to specify seniority, a guarantee of stability);
For the unemployed:
- a photocopy of your compensation agreement notifying the duration and amount of unemployment benefits;
For self-employed workers:
- a photocopy of the last 3 tax forms (BIC) or declarations n ° 2035 (BNC),
- a photocopy of the complete balance sheets for the last 3 financial years,
- a photocopy of the last 3 tax notices;
For retirees or people with disabilities:
- the last 3 retirement slips,
- the latest annual summary of all pensions,
- for early retirees, the last 3 ASSEDIC allocation slips;
For everyone :
- photocopy of all other sources of income (disability pension, rental investments, alimony, etc.)
- proof of payment of family allowances and other housing assistance (APL) if applicable.
Evidence of housing and real estate
The lending institution needs to know more about the place of residence, requesting on this subject the sending of the following supporting documents:
- a proof of address (electricity, gas, fixed telephone bill, etc.) dated less than 3 months and in your name;
- for persons accommodated free of charge, proof of address, proof of accommodation and a photocopy of the identity card of the person hosting the borrower;
- a photocopy of the housing tax (when it is not deleted);
- for property owners: a photocopy of the property tax, the title deed and, ideally, the estimate of the property made by a notary or a real estate agent;
The study of the bank account
The lender also assesses the level of risk by examining the bank accounts and the movements identified therein. The documents to be provided for a credit buy-back therefore include:
- a bank account statement (RIB);
- the last 3 monthly personal and / or professional bank statements;
- statements of all savings books when transfers are recorded from the main account, in particular regular transfers or with a view to justifying the contribution made;
- if applicable:
- the loan offer and the mortgage repayment schedule,
- a document notifying the amount due under all consumer credit outstanding,
- the latest movements linked to one or more revolving credits (revolving credits);
- a financial guarantee (credit insurance, mortgage, surety, pledge of life insurance or goodwill, etc.).
Good to know : when the repurchase of credit involves two borrowers, the supporting documents to build the feasibility file are doubled, each one having to inform the lending establishment of its individual situation.
Is it possible to buy back credit without supporting documents?
There are no companies in France agreeing to finance a loan buyback operation without supporting documents. The borrower cannot ignore his situation and the volume of loans he wishes to redeem. It is also responsible for giving visibility on its solvency, its stability at professional level and on the state of its bank account. All this means that you must provide certain supporting documents.
Our advice for a successful loan buyout
To maximize his chances of obtaining a loan buyback proposal that meets his expectations, the borrower can follow a certain number of tips and key points:
- Prepare your loan repurchase file carefully, making sure to bring all the elements during the first appointment with your bank advisor or broker. A well prepared request reassures the interlocutor and puts him in good mood;
- Be realistic about your request: estimate your income, expenses and future monthly loan payments lets you know if the project is achievable in terms of debt ratio standards and remains to be lived. It is thus possible to use simulators and calculators directly on the internet;
- Always approach several financial institutions, directly or indirectly through the intermediary of a broker. This saves time and quickly obtains the best financial proposals;
- Take your time : it is essential to study in detail the proposals in terms of interest rate, borrower insurance coverage, APR (annual effective annual rate), etc.