Bourquin law - Huge Money Saving for French Mortgagees

Agencies and other headaches, keys and cleaners, running costs and contracts...in short, all the things we spend so much of our time doing behind the scenes.<br>
Lars
Posts: 25
Joined: Mon May 19, 2014 7:05 pm
Location: Dorodogne - near Monpazier

Bourquin law - Huge Money Saving for French Mortgagees

Post by Lars »

Hi, I just wanted to start a thread on the new aw which allows mortgagees the right to switch their compulsory credit insurance.

I just received this email from a french price comparison company and it looks like I'm going to save 600 euros a year for the next 17 years!

Well done Macron for ending this shameful bank scam.

I'd be interested to hear how people get on switching their credit insurance.

best wishes to all borrowers!

p.s. here's the email message "... Thus, thanks to the Bourquin law (otherwise known as the Sapin 2 law and Bourquin amendment) and from 1 January 2018, it is now possible for all borrowers to terminate each year their mortgage insurance contract.
For all individuals who have subscribed a mortgage, this measure is synonymous with great savings!"
Hells Bells
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Post by Hells Bells »

Our insurance premium is only small, so quite how we'd save much, I'm not sure.
Lars
Posts: 25
Joined: Mon May 19, 2014 7:05 pm
Location: Dorodogne - near Monpazier

Post by Lars »

That's interesting, who is your mortgage with?

Ours is with Credit Agricole Britline and they charge 78 euros per month compared to a market rate of 22 euros. So a hefty saving over the life of the loan. In a few years time the insurance would have been more than the interest on the loan!

I've asked Credit Agricole what the process is and i'll post the answer when i get it.
Hells Bells
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Post by Hells Bells »

It is with Barclays France and coincidentally is 22 €
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oasiscouple
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Post by oasiscouple »

Many thanks for the tip Lars. I have asked my insurance company for a quote but unfortunately I have just missed the anniverary to give the required two month notice but won't hesitate to change next year if there is a substantial saving.
Honi soit qui peu y boit
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