Negotiating a home loan is the secret to enjoying repayments adapted to your budget. However, you are not a professional in the field or a broker, and you realize that your mortgage credit insurance weighs heavily in your monthly payments. 2018 is the right year to change borrower insurance, in particular thanks to the Hamon and Bourquin 2018 law. When to renegotiate your mortgage loan insurance? We tell you everything.
The Hamon law allows you to change mortgage credit insurance in 2018, before the first anniversary date of the signing of your contract. And for that, the modalities are very simple to undertake. Once you have found your new offer, the one that best suits your budget, all you have to do is send a termination letter with acknowledgment of receipt to your insurer, Credit Insurance for example, or your bank.
However, it is necessary to give 15 days notice, this is the only obligation of the Hamon law. If you want to take advantage of the best offer, mortgage loan insurance adapted to your needs, some research on the internet could help you.
But then, what if the signing of this contract dates back more than a year? It is in this case the Bourquin amendment which intervenes in your favour.
In order to strengthen the Hamon law, the Bourquin law 2018 was implemented with the aim of promoting access to property for individuals. If the subscription to the mortgage credit insurance dates back more than 12 months, in this case, it is possible to terminate your offer annually. Attention however, the respect of a notice of 2 months is necessary.
The 2018 Bourquin law therefore makes it possible to change mortgage loan insurance each year without justification. This is valid for all offers that were taken out after March 1, 2017. If you are in this case, then do not hesitate to choose a new mortgage loan insurance.
As a reminder: in order to terminate your contract, all you have to do is send a letter with acknowledgment of receipt to your insurer, your bank or your mutual insurance company. The establishment, if however you have chosen a suitable offer, is not in a position to refuse your request.
The figures concerning borrower insurance largely motivated the signing of these legal texts. Indeed, it is estimated that the margin made by insurance companies and banks has reached the 3 billion euro mark, which is colossal. The importance of protecting consumers has therefore become a priority.
As a result, the possibility of terminating the mortgage credit insurance contract at any time opens up competition. This means that mutuals, in addition to insurers and banks, are able to offer new, more advantageous offers, and above all at more affordable rates. Also, the Hamon law and the Bourquin amendment allow you to make great savings and therefore reduce your repayments. It becomes easier to become an owner!
Subscribing to borrower loan insurance has never been so attractive. Be careful though: it is essential to choose your contract carefully, according to certain criteria. We will see it now.
At first, it is essential to contact your bank, in order to know a little more about the various guarantees which are required by it. This will allow you to select an offer that can be accepted by the lending institution. When we talk about guarantees for your mortgage credit insurance, we are talking in particular about death, loss of autonomy or disability cover.
Other criteria should help you make the right choice. This is the case for the application fees in particular, but also for the quota, that is to say the amount reimbursed by the insurer. This is a crucial point that you absolutely must take into account. Indeed, the greater the amount that will be reimbursed by your mortgage credit insurance, the more you will be able to protect yourself.
If you want to take advantage of more attractive monthly payments, in this case, it is possible to opt for the insurance broker. This professional will be able to help you and provide you with quality support. It is he who will look for insurance that really suits you. In addition, he has excellent negotiating skills and will be able to find an offer for you that really meets your needs.
Using a borrower insurance broker does not necessarily cost more. It is however necessary to take into account the mode of remuneration of this one. Here you will find other useful tips for choosing the right mortgage insurance.