Rock eel in the new mortgage law

Rock eel in the new mortgage law
The new Mortgage Law came into effect on April 1, 2017. It provides better protection and transparency for consumers. A small point could, however, cost you money. You will read more about this below.

The mortgage broker profession is now regulated
Since April 2017, the profession of Mortgage Broker is regulated. Your credit broker must now register with the FSMA, the supervisory body for the financial sector. He will then receive an authorization only when he can prove that he has the necessary professional knowledge and / or experience. He will then have to follow a permanent training to control any change of legislation in different fields. It will always be able to provide you with the right information, which is not a bad thing for you.

Annual percentage rate of charge or APR for housing loans
The annual percentage rate of charge (APR) already existed for consumer loans such as car loans or installment loans. With the new legislation, this TAEG is now also valid for housing loans. The APR is a rate that represents all of your credit charges. What you avoid any bad surprise in the form of additional costs. Conclusion: this is also a good thing for you.

Rock eel in the ESIS comparison document
Comparing housing loan proposals from different lending institutions is hardly obvious. One will still be able to give you a discount, the other not. The new law tries to simplify this situation through the ESIS, a standard document that takes all the conditions of your housing credit: amount of credit, interest rate, duration, amount of the monthly payment, guarantees, ... You can compare easily the proposals of several lenders.

But ... the eel in stone lies in the moment when the lender must give you the ESIS, namely at the latest when you receive the offer of credit. This credit offer is an official commitment of the lender to grant you credit and also takes over all the terms of the home loan. In general, however, you have already decided at that time to accept the offer and it is no longer a question of comparing. It would have been much better to have received ESIS earlier. ESIS must indeed facilitate comparisons.

So ask ESIS as soon as you receive a rate proposal from a lender. Do not wait for the final offer of credit.

Coupled sale prohibited, group sale allowed ...
The law explicitly prohibits coupled selling in housing loans. Group selling, on the other hand, is well authorized. But what is the difference between the two?

- According to the European Directive on the basis of the new law in our country, the different products in case of coupled sale can not be sold separately. This means that you can not buy fire insurance without first having to obtain a housing loan.
- As part of a group sale, the bank will advise you to subscribe several of its products (mortgage credit, outstanding balance insurance, fire insurance, pension savings, ...). You will take several products and benefit in return for a reduction on your mortgage. It is therefore always possible.

Good advice: read the fine print carefully as each reduction will be subject to conditions.

Combating over-indebtedness: better control of solvency
In the fight against over-indebtedness, the solvency of the client is now more controlled. Does the client have the means to repay the requested housing loan? Is it reasonable to give him this mortgage? Credit lenders and credit brokers can in this case be held liable, which can lead banks to tighten their acceptance policy.

In the slightest doubt, the banks will always ask for additional information. In this case, it would be better to collaborate. Unless you have something to hide, of course.
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