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Bourquin law - Huge Money Saving for French Mortgagees

 
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Lars



Joined: 19 May 2014
Posts: 25
Location: Dorodogne - near Monpazier

PostPosted: Thu Nov 02, 2017 2:53 pm    Post subject: Bourquin law - Huge Money Saving for French Mortgagees Reply with quote

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!"
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Hells Bells



Joined: 30 Apr 2005
Posts: 13142
Location: French Alps

PostPosted: Thu Nov 02, 2017 6:33 pm    Post subject: Reply with quote

Our insurance premium is only small, so quite how we'd save much, I'm not sure.
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Lars



Joined: 19 May 2014
Posts: 25
Location: Dorodogne - near Monpazier

PostPosted: Fri Nov 03, 2017 10:00 am    Post subject: Reply with quote

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.
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Hells Bells



Joined: 30 Apr 2005
Posts: 13142
Location: French Alps

PostPosted: Fri Nov 03, 2017 10:38 am    Post subject: Reply with quote

It is with Barclays France and coincidentally is 22
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oasiscouple



Joined: 31 Oct 2012
Posts: 372
Location: Gironde and Port Leucate, France

PostPosted: Fri Nov 03, 2017 2:30 pm    Post subject: Reply with quote

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.
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