MonthMarch 2020

Consumer credit: what budget for your winter sports vacation?

Winter has come to an end and you have only one desire: to hit the slopes of good powder with family or friends. However, only 8% of French households go skiing at least every other year .

The reason is purely economic: winter sports holidays represent a certain budget , especially when you have several children.

We will explain how to budget your next trip to the mountains.

Evaluate the price of accommodation and packages

Evaluate the price of accommodation and packages

If you are lucky enough to be accommodated for free in a resort, your budget will be relatively saved. Housing comes in top of spending during a week in the mountains : it amounts to several hundred USD. And during school holidays, prices soar!

The second main expense is packages. Again, the price can range from 100 to over 200 USD for an adult for 6 days . Also, it may be useful to examine the different formulas. In some stations, it is possible to take cards where you pay for the lift. If you are not fond of skiing and you plan to go to the slopes only two or three times a week, this can be interesting.

It is also possible, via your region or your works councils, to obtain a reduction for the purchase of your packages.

Travel credit for your winter holidays:
To finance your little family’s vacation without breaking the bank, you can take out a travel credit. Travel credit is a form of consumer credit. It can take the form of a personal loan or restricted credit.

Limit equipment expenses

Limit equipment expenses

If you already have a suit, shoes and skis, you will save a lot of money. People who go skiing once, or even several times a year, have an interest in investing in this equipment .

For others, you have to look at the different prices offered in the many rental shops . Sometimes it’s cheaper to rent skis in your hometown and transport them to the mountains. Certain individuals thus rent their equipment.

In the Alps, ski rental is generally more expensive than elsewhere, as is accommodation or ski passes. Thus, it takes around one thousand USD per person for a week on the Alpine slopes.

Consider going out of season

Consider going out of season

If you do not have children or they are very young, you can opt for a week of winter sports outside of school holidays: prices sometimes fall by half . This phenomenon is particularly visible in the aftermath of the Christmas holidays, when the new year has started.

In addition, if the distance is not too long, you can opt for a holiday in the Pyrenees, the Vosges or the Jura. If the altitude is lower than in the Alps, prices are also lower. A week in the Vosges would cost around 500 USD, half of what we spend in the Alps.

Subrogate First Home Loan Mortgage Fixed Rate: the Best Offers

Subrogate first home loan: why choose it

Subrogate first home loan: why choose it

When the installment of your mortgage is too expensive or simply not convenient compared to the market trend, you can resort to the subrogation of the mortgage. What is it about? The transfer, at no cost, of your mortgage to a new bank, which has more convenient conditions. For these we have chosen to review the best proposals in the area of ​​the first fixed rate home loan subrogation.

What is the mortgage subrogation

What is the mortgage subrogation

Before going into the merits of the offers, it is necessary to clarify what the subrogation is, what it offers and what limits it has. The subrogation is an intervention that allows, at no cost to the customer, to transfer the residual debt of their mortgage to a new bank.

The transfer does not provide for the cancellation of the mortgage, while the amount cannot exceed the residual debt threshold. With the subrogation, on the other hand, the rate (including the spread applied by the bank) and the duration of the repayment can be changed.

In practical terms, the subrogation allows the customer to enjoy a smaller installment. All to the advantage of the debtor, who can thus take advantage of the competitiveness of the market to save money.

Subrogate fixed rate home loan: the proposals

Subrogate fixed rate home loan: the proposals

To evaluate the effective convenience of the mortgage subrogation, we decided to evaluate which are the best loans in the segment of the first home fixed rate mortgage substitute.

The profile of the imagined applicant envisages a 100,000 dollar mortgage substitute to be repaid in 20 years. At the moment the most interesting proposals on the market are:

  • Best Bank mortgage: a monthly payment of 496.47 USD is applied. The rate corresponds to 1.80%, while the Taeg reaches 1.94%.
  • Cream Bank – Large simple home loan : in this case the installment is 501.16 USD, the result of a rate equal to 1.90% (Taeg 1.95%).
  • Infra Bank- Trasformamutuobnl : a monthly installment of 503.52 USD is applied. The interest rate corresponds to 1.95% (Taeg 2.01%).
  • Lender Bank – Fixed rate mortgage : the installment corresponds to 499.28 USD. It is the expression of a rate equal to 1.86% (Taeg 2.01%).

Home loan as an instant loan – a good choice?

Loan amount interest redemption special repayment to calculate secure server connection.

In principle, one thing must be anticipated in connection with the real estate loan : The classic instant loan actually belongs to the area of ​​consumer finance.

Even the framework conditions for the instant loan and the construction loan differ considerably.

Framework conditions for instant credit

Framework conditions for instant credit

The general conditions for an instant loan differ significantly from those of a classic construction loan:

  • Real estate loans are often issued from 50,000 USD upwards. The instant loan already reaches its maximum possible limit here.
  • Instant loans are rarely extended over 84 months.

Building finance in the six-figure range cannot be reconciled with the typical framework conditions of an instant loan.

Why banks do not issue an instant loan for mortgage lending

Why banks do not issue an instant loan for mortgage lending

Especially when it comes to construction money, credit institutions like to put the brakes on for their own security. Only when all documents are complete and as a lender you get a picture of:

  • own resources
  • the market value
  • the economic situation
  • the credit history

a decision can be expected. And before building owners hold the money completely in their hands, patience is the order of the day. If it is a new building, the mortgage lender generally only pays the loan once construction has been completed.

Why builders should register for the instant loan

Why builders should register for the instant loan

At the same time, the borrower has to keep an eye on one or the other point when choosing a suitable construction finance. Rigid repayment terms are anything but optimal. On the contrary: the aspiring homeowner should be concerned with holding a flexible financing element in their hands.

The instant loan is usually not the right instrument here. Classic home loans with:

  • Special repayment or
  • Repayment rate adjustment

offer significantly more scope here. Aspects that should always be kept in mind in combination with the land charge and the additional financing costs.