The mortgage market has significantly changed its face over the past two years. After a marked decline in production in 2023 and 2024, the recovery documented by the Banque de France in 2025 has primarily benefited first-time buyers. Obtaining a mortgage suitable for one’s project now requires understanding a regulatory framework in flux and banking practices that vary according to the borrower’s profile.
HCSF exemption margin: an underutilized lever by banks
The rules of the High Council for Financial Stability (HCSF) cap the debt-to-income ratio at 35% of net income and the repayment period at 25 years. These two thresholds structure almost all mortgage offers in France.
The HCSF allows banks to deviate from these criteria for up to 20% of their quarterly production. This margin primarily targets buyers of primary residences and first-time buyers. In practice, banks do not fully utilize this quota, meaning that viable applications are sometimes rejected when they could benefit from an exception.
For a borrower whose debt-to-income ratio slightly exceeds the cap, the approach is to inquire with several banks about their exemption policy. Not all manage this quota in the same way: some reserve it for high-income profiles, while others open it more broadly to first-time buyers. Brokers who compare on the Quartier Immo site for credit help identify institutions still willing to mobilize this margin in a given quarter.
PTZ expanded to new houses: what the April 2025 reform changes
The zero-interest loan has long been limited to new apartments in certain tight areas. Since April 2025, the PTZ also finances the purchase of a new house throughout the territory, subject to income conditions. This extension modifies the calculation of the financing plan for households considering construction or the purchase of off-plan properties outside dense urban areas.
The PTZ covers a fraction of the purchase price, with no interest or application fees. Its amount depends on the geographical area, the composition of the household, and income. The main interest is to reduce the amount of traditional mortgage needed, and thus the overall cost of financing.
One point deserves attention: the PTZ imposes a partial or total repayment deferral. During this period, the borrower only repays the main bank loan. This eases monthly payments at the beginning of the loan, but the total duration of debt is extended. The actual gain depends on the rate of the main loan and the duration of the deferral granted.
Rental investment and mortgage credit: access conditions tightening
Data attributed to the ACPR show that the share of rental investment in new housing loans fell to 12% in 2025, three points lower than a year earlier. This decline reflects a tightening of granting conditions for rental projects.
Banks apply a stricter calculation of disposable income when the financed property is not the primary residence. Expected rental income is generally only considered at 70% in the calculation of the debt-to-income ratio, to account for vacancy risk and expenses. A borrower who meets the 35% limit for their primary residence may find themselves above the threshold as soon as a rental project is added.
Field feedback varies on this point: some brokers report systematic refusals beyond a certain amount, while others obtain agreements by leveraging the HCSF exemption margin. The absence of a uniform rule makes comparison between banks necessary for this type of project.
Borrower insurance: a often overlooked negotiation item
Borrower insurance represents a significant part of the total cost of a mortgage. The Lemoine law allows changing contracts at any time, without fees or penalties, from the signing of the loan offer. This possibility remains underutilized.
Price differences between the group contract offered by the bank and an external insurance delegation can reach several thousand euros over the loan term. Three criteria deserve systematic comparison:
- The effective annual rate of insurance (TAEA), which allows for direct comparison between offers, regardless of the method of calculating premiums
- Exclusions of coverage, particularly regarding temporary work incapacity and back or psychological conditions, which vary significantly from one contract to another
- The insured share for co-borrowers, which determines the level of coverage in the event of a claim affecting one of the two
Changing insurance during the loan does not require the bank’s approval, provided that the new contract offers an equivalent level of coverage. The refusal must be justified in writing within ten working days.
Mortgage rates in autumn 2026: a rise to consider
After the easing observed in mid-2025, mortgage rates began to rise in autumn 2026. This change alters borrowing capacity at a constant monthly payment: a few tenths of a point increase in the rate reduces the amount borrowable by several thousand euros.
In this context, the loan duration becomes the main adjustment variable. Extending the repayment period allows maintaining a project despite rising rates, but increases the total cost of financing. The regulatory cap of 25 years (27 years for new builds with deferral) leaves little additional room for maneuver.
A borrower who hesitates between finalizing a purchase now or waiting for a potential drop in rates faces an unknown: the available data does not allow predicting short-term rate movements. The only certainty concerns the HCSF framework, whose current rules remain in effect, even though the French Banking Federation has publicly expressed a desire to ease them.
Mortgage credit is not just about an advertised rate. Between HCSF exemption margins, the expansion of the PTZ, the decline in rental investment, and disparities in borrower insurance, each file has its own levers. Comparing several banks on all these parameters remains the most reliable approach to obtaining financing truly suited to one’s project.
