Mortgages offer customers the opportunity to move out of the renting sphere into the owning sphere. Apart from the apparent reason that everyone just wants to own their home, there is also the fact the homes provide customers with an asset to add to their personal portfolio. Property is known as one of the most reliable sources of investment, especially for those who decide to invest in the long term, if the conditions are right. But when it comes to making a decision on which loan to go with, the finer details come into play. Choosing the right mortgage package is about more than just the rate. The Credit Agricole Mortgages offer customers a variety of products. This review takes a look to see whether it satisfies customer needs effectively.
Another bank that takes pride in offering good mortgage packages, is Royal Bank of Scotland.
About Credit Agricole
Credit Agricole started in 1885 as the bank of the agriculture division. It provided the necessary banking instruments needed in order for farmers of the Jura region to farm effectively. Throughout the 19th century, it experienced many difficult times that required government intervention. However, the bank also managed to support the local economy with strategic finance opportunities.
After the world wars that rocked especially Europe, the bank was fundamental in the introduction of special products that matched the needs of the time. It was also during this period where customers were encouraged to save more. The growth of the savings book provided the bank with the financial backing to expand their operations, and further branches in France were commissioned. The bank finally became self-financing in 1963 and this allowed the bank full autonomy.
In 2008, however, the subprime mortgage market crash had a detrimental effect on Credit Agricole. The bank approached the government for assistance and a EUR 3 million bailout took place. The bank announced that it would pay back this loan, however, a string of angry investors sued the bank. Profits plummeted and the general morale of the bank dropped to an all time low. To crown this, the bank was also implicated in price-fixing the Euribor, and if found guilty, will have to pay a fine of EUR 114 million.
These tumultuous happenings would have caused other financial institutions to flounder, however, Credit Agricole still manages to hold on.
Signs of a Healthy Mortgage Division
Customers sign up for a mortgage loan with the hopes that all will run smoothly and that they will have happy days in their dream home. In order for this to be the case, customers need to have a clear understanding of what a healthy loan looks like.
The Terms and Conditions are Easily Readable
There are few things a frustrating to a customer to read through a document that is written in the language hardly understandable. This means the document is either filled with Latin text or bank jargon. A healthy mortgage division will want their customers to know what they’re getting themselves into before signing the document.
Customers Have Easy Access to Consultants
Products that make it difficult for customers to get information or assistance, tend to have internal issues that make it tough for that division to prosper. Mortgage divisions are especially vulnerable to this, although it should be the very first division has a smooth internal process. This is because the account processing and proper administration affect the roof over someone’s head. If the mortgage division works on auto, customers may have difficulty keeping up with the processes and could lose their homes when something goes wrong. Easy access to consultants will result in better communication, which positively affects clients and the bank.
Their Products and Advertising Align
Any customer who has ever applied for a product due to an ad on the TV and then find the conditions to be far from advertised will relate to this. Banks that advertise certain special features, however, have the main eligibility requirements to form part of the terms and conditions in the fine print, will soon find themselves with a string of unhappy customers. It’s very hard for a bank to regain its good name when a customer is scorned.
Credit Agricole Mortgages Product Offerings
With this loan option, customers can apply for finance and know they have a good product on their hands.
- Customers can pay their first monthly payment 4 months after releasing the funds if they prefer.
- Furthermore, they can adjust their monthly payments by up to 30%.
- Also, when things are tough, customers can suspend their monthly payments for up to 6 months.
- They can also reduce the amount they pay monthly by half for up to 12 months.
- Finally, this is a flexible mortgage option suitable to those who wish to purchase real estate for personal use.
Habitat Premier Achat Solutions
This is a range of products that are molded together to provide customers with a streamlined financing solution.
- Customers enjoy tailored financing.
- Furthermore, this is a well-controlled and secure project.
- Customers enjoy flexible monthly payments that are adapted to their budget.
- This loan type is suitable for those who wish to acquire their main residence, whether new or old.
- Finally, the solution is based on a variety of factors and will include energy efficient solutions as well.
Home Buying and Selling Solutions
This solution is specific to customers who already have an existing property. Furthermore, this is a buy and sell solution which makes to process easier for customers.
- This option provides customers with the knowledge that the bank will take over the loan.
- Customers enjoy tailored financing that will suit their situation.
- Furthermore, the bond type also allows flexible payments for when life gets tough.
- Also, this finance is for all persons who wish to partially or totally finance the purchase of a new or old home.
- Finally, customers benefit from the loans coinciding to accommodate the buy and sell period of the property.
Habitat Investissement Rental Solutions
This option is ideal for those who wish to increase their assets with the purpose of further investment. Furthermore, this could be an effective way to provide for a portion of retirement.
- Customers have the opportunity to optimize their investment with tailored financing.
- Also, customers can invest peacefully with adapted insurance.
- There is an advisor at the customer’s disposal.
- Finally, this loan type is ideal for those who wish to invest in new or old housing with the intention of renting it out.
Loan at Zero Rate
First-time buyers who meet the income requirements will find this loan a perfect fit. Also, the loan carries a 0% rate in order to encourage property purchase.
- This loan is available to first-time home buyers subject to their income.
- Furthermore, it acts as a supplement to finance their first real estate purchase. The zero interest reduces the cost of credit.
- Finally, the loan is tailored to the needs of the customer.
Eco Loan with Zero Rate
This loan type encourages energy savings initiatives in the home. Furthermore, customers benefit from tailored solutions.
- Customers don’t have to pay interest on this loan in order to encourage energy saving.
- The loan amount is up to EUR 30,000 and depends on the nature and importance of the work to be done.
- Finally, this loan is purely to facilitate the reduction of energy consumption.
Loan for Social Accession
Customers who sign up for this loan, benefit from Personalized Housing Assistance and this is known as a Social Accession Loan.
- This loan type is compatible with other regulated loans.
- Furthermore, customers enjoy funding up to 100% of their principal residence.
- Finally, this loan entitles customers to Personalized Housing Assistance.
Customers enjoy a selection of smaller loans to finish products in and around the house.
The Classic Works Loan
This is for minor upgrades that are done throughout the life of the term of the mortgage. This loan is suitable for those interim projects that take place in between major renovation projects.
The Housing Savings Loan
These loans are ideal for customers who need to finance work in the main house, whether they occupy it or rent it out. Furthermore, customers know the rate of their loan in advance which will allow them to budget more effectively.
Specific Loans for Energy-Saving Work
Customers who wish to reduce their carbon footprint at home have access to unique loan packages. The two options include the Energy Saving Loan or the Zero Interest Rate Eco Loan.
We recently did a review on Credit Agricole's Transaction Accounts, and the results are quite astonishing.
Critical Reviews Rating Credit Agricole Mortgages – 10 of 10
If ever there were a great selection of mortgages to choose from, it’s the one offered by Credit Agricole. There are a number of good things about these products, including the structure of the finance and the flexibility of the loans. The loan structures accommodate customers, even in times of need. Furthermore, there are also various initiatives to allow customers to make energy-saving changes to their properties. We’re happy to grant this product range a perfect score.
A review on Deutsche Bank's mortgages puts some perspective on the product's overall promotion in Europe.