But the consumer credit specialists are serene

Threat or relay of growth Rechargeable mortgage, this new product of credit secured by the mortgage of the housing opens a new field to the operators of the consumer credit but it also places them under the threat of an offensive of the actors in the housing credit. The demand appears to be real. According to a survey of the Credit Foncier de France to 1,000 persons customers and prospects, more than a quarter have the intention to subscribe to this new type of credit. "We are ready," thus indicates Yves Gaudin, Director of the network France of Cetelem. So, do not expect a floodgates of because of several limitations.

First, can take advantage today that borrowers who have secured their initial real estate credit by a mortgage, primarily with respect to the acquisition of new housing. The Government plans to broaden the scope of rechargeable privilege of lender of money, guaranteed mortgage for the purchase of old dwellings, and banks working in the launch of a rechargeable security but for the time being, nothing is completed.

A product complex

Then, compared to a classic consumer required unsecured credit, the rechargeable mortgage is a complex product that will require, for each reload, a passage before a notary. Thus, even if this loan brings to the lender no security in consumer credit and could thus expect a cheaper loan, there in fact a higher cost.

Excluding cost of the financial loan, cabinet Athling calculated that a charging of credit of 10,000 or 30,000 euros (for a loan of 120,000 euros) would cost between 680 and 780 euros in notarial costs (see table). A sum that will have to pay a classic consumer credit borrower.

This calculation does not import the tax costs of land tax. "The relationship between the notarial costs and the amount of recharge leads us to think that the device is more"acceptable"for a final customer borrowing more than 30,000 euros for one who borrows less than 10,000 euros," said Pierre Blanc, cabinet Athling associate. For many professionals, the rechargeable mortgage interest first solvent clients but with more difficult access to credit. "It can enable to better deal with the request of clients who have irregular income, for example," says Yves Gaudin.

Finally, last obstacle for operators of consumer credit: the position of the first lender, real estate credit institution. It may indeed take advantage of its long term customer relationship. So it will know exactly the status of reimbursement of the initial credit, which will allow to offer a refill. But the consumer credit specialists are serene.

"It is without doubt the provisions that favour those which were granted housing credit since they know precisely the potential of the client." "That being the case, of specialized credit institutions have assets: they know industrially manage credits, have very diverse distribution channels, and they have expertise and a very strong position in the grouping of claims which, finally, perhaps will enable successful partnerships", said Michel Filipino, CEO of LaSer Cofinoga. "This will allow some operators to enter the market but it will take some time because there are a lot of constraints," concludes Hubert de Pelet, the President of the Executive Board of BancWest.