1% repayment. Which banks? Requirements? Free land charge

Hello everyone,

Questions for you?
Which banks have no problem with 1% initial repayment at 90% loan-to-value? Retirement age?
What are the minimum requirements for this? Do we meet them?
Which of these banks accept free land charges of an existing property instead of cash equity as collateral?
Other questions in the text.

Our parameters in €:

[*
Required loan amount:
[LIST]
[*]650k
[*] Term: depending on surcharge: 10, 15 or 20 years

[*
[B]Purpose:
[LIST]
[*]Refinancing land + new construction.
[*]Land is already purchased. Daily 100% special repayment of the loan for the land possible without prepayment penalty. This allows the new bank to easily rank first for land and new construction.

[/B]

[*
[B]Total net income:
[LIST]
[*]5.5k. (After moving into the new building, approx. €600 cold rent will come in for our condominium/existing property.)

[/B]

[*
Creditworthiness, Schufa etc.:
[LIST]
[*]both 99% Schufa score.
[*]0 consumer loans.
[*]Both academics. Medical sector + coder.
[*]1 child.
[*]Both partners have approx. 31 years until retirement age.

[*
Desired monthly rate for land + new construction:
[LIST]
[*]approx. €1000 + approx. €900 planned special repayments.

[*
Cash equity:
[LIST]
[*]€40k which we would like to keep/use as a "life buffer" and for "certain work services" for the house construction (own work, etc.).
[*]All incidental costs, notary, taxes, etc. are already covered.
[*]We saved this in a relatively short time, approx. 2-3 years. Does the bank even care about this when it comes to creditworthiness?

[*
Collateral for the bank:
[LIST]
[*]Free land charge on our condominium/existing property.
[*]Market value condo: 220k
[*]Outstanding debt condo currently approx.: 80k
[*]Free land charge, our calculation:
200k - bank's safety discount approx. 20-30% - outstanding debt = free land charge?
[*]In 2022 the 10 years for the condo expire, so special repayment or forward loan possible.
[*]Maybe also interesting for the bank? Land + new construction + forward loan condo?

We would appreciate your opinions, tips, and your time.

Regarding the first part of the question: 1% is possible as a minimum repayment with ING in a standard mortgage.

But why only 1 percent when the net income is 5,500?

Is the [etw.] rented out? Otherwise, I also don't understand the 1%, and you would have to get a loan rate of 1% to obtain your desired rate of over 1,000€. With full financing, this is rather unrealistic. Free land charges on the [etw.] are worthless as they are subordinate.

Free land charge?

More moral than valuable. Market value less 10% safety discount = approx. €195k lending value, of which 60% is valuable = €117k, subtract €80k residual debt = VALUE of the additional collateral approx. €37k, even less at a cautious bank.

Maybe also interesting for the bank? Plot + new building + Forward loan condominium?

But not interesting for you in terms of conditions.

Any bank that offers 1% repayment on your financing deserves to be severely beaten. But you will surely find someone...

Desired monthly rate land + new build:

[*]approx. €1000 + approx. €900 planned special repayments.

Why only 1% repayment? But then special payments? Why not repay 2.5% directly?