Obtaining a mortgage with small incomes is entirely possible, here is the procedure to follow.
The mortgage is accessible to all people wishing to access the property, so everyone can freely apply to a bank or a credit institution, whether you have a high income or a low salary. Simply, not all borrowers will get their financing because there are requirements in terms of the professional situation, in terms of debt capacity or even of living.
The amount of income is not one of the major criteria for obtaining a mortgage, it is above all the ability to borrow which determines the feasibility of financing. A borrower may have high income and an ability to borrow close to zero, just as another borrower may have low income and borrowing capacity. So you have to start by calculating your ability to borrow, it is defined by the number of charges in relation to income, you can go into debt up to 33% in France.
Modest income accepted in mortgage
A borrower with modest incomes but having zero debt will be able to spend up to a third of his income to repay a monthly mortgage, so he is not at all excluded from obtaining financing in this situation. Banks are studying all mortgage applications and many applicants are becoming homeowners with low incomes. Obviously, a household already having credits in progress will not necessarily be able to obtain its financing, it will eventually be necessary to settle the credits or have to resort to a loan repurchase to rebalance the finances.
Modest incomes can take advantage of subsidized loans, we are obviously talking about the zero rate loan (PTZ), it is a loan granted by banks whose interests are supported by the State, there is also the loan for social accession (PAS) which allows you to get a much better rate, especially when you have modest incomes. These loans are precisely intended to facilitate access to property for all modest households, so it is indeed a reality to become an owner with a small salary, whether one is alone or accompanied by a co- borrower.
Simulate your mortgage application online
Each situation is different, each borrower has a different appreciation of the income estimated as low. Many households believe that they cannot have access to the property when they could benefit from subsidized loans or advantageous conditions for their mortgage. It is therefore strongly advised to carry out a simulation of mortgage online, especially since this approach is completely free and without any commitment.