400k house financing - Who can take away my fear?

  • Erstellt am 2017-08-14 15:12:52
Z

Zaba12

2017-08-15 19:17:00
  • #1
What happens if after 10 years you earn 20k€ gross less, exactly at the time of the follow-up financing you receive ALG 1, are in the probation period due to a change of employer, have been receiving sick pay for a longer time, etc.? Then your bank must also have sold your loan to some bank that does not know you and your payment behavior so that there is no follow-up financing.

It is not always about the high interest rates in the future. But rather about avoiding a follow-up financing.

Example:

What is the difference between a 3-4% repayment and an annual five-figure special repayment? In both cases, you have to be disciplined to afford it. I prefer a lower rate and make a special repayment.
 
B

Bieber0815

2017-08-15 19:45:43
  • #2
Anyone who believes it will happen like this should only borrow as much money as they can repay in 10 years. Everyone else: No risk, no fun.
 
J

Joedreck

2017-08-15 20:44:24
  • #3
The difference between a high repayment rate and a special repayment is that you have to save the special repayment at home. So you have the money available. And so it can also sometimes be spent or have to be spent under certain circumstances. The higher repayment rate is definitely safer. You don't have money lying around anywhere and you don't spend it either. I basically understand your concerns. But if the main earner happens to be out of work for a longer period of time, then long-term financing also goes down the drain. And anyone who actually has such severe fear of existence should consider whether a 30-year financially not insignificant obligation is really the right thing for them. This is meant completely without judgment. But buying/building a house and then maintaining it is not easy. Four-figure amounts usually come up without notice. However, with new construction, hopefully, this happens less often than with buying.
 
W

Winniefred

2017-11-01 07:40:11
  • #4
We consciously chose more security. Better to buy the small old building and finance as little as possible (239,000€). So that the place really belongs to us in 15 years and the repayment is not much higher than the previous cold rent (previously 720 cold and afterwards just under 1100 repayment). I also find 170 m2 huge. 130 are more than enough. Therefore, I would also prefer to build smaller and without a basement, finance less, and sleep more peacefully. What others do does not have to concern you.
 
F

Farilo

2017-11-01 09:36:23
  • #5

Morning,
we/I have decided against building with a slightly higher net income. We would have had a repayment of 1,600 on 30 years with a bit of residual debt with our plans as well. Financing was ready, everything was planned. Only the signature was missing. I couldn’t bring myself to get into such debt. But that’s a matter of personality.
(I bought an existing property for under 100k and sleep like a baby).

However, your numbers look pretty good and it really should be doable. IF you can live with the pressure!
Because a "secure" job is not one that pays reasonably well. A "secure" relationship isn’t either.
But that goes a bit too far. One is never really sure.

So, if you really want to go for it, I think it’s financially possible. Whether it’s the optimal situation, or whether you should rather buy an existing property, or save up even more equity, of course you have to decide that yourselves.

As always: You’re always wiser in hindsight.
 
A

Alex85

2017-11-01 11:38:55
  • #6
I wouldn’t overdramatize it. Even today you have a continuous debt relationship in the form of rent. If the money doesn’t flow, there will be trouble. What’s the difference? That there is some remaining debt somewhere? You forget that after a few months. Injecting equity is reassuring. Just finance up to 80%, then you know that in case of emergency, you’ll get out of it (with a black eye) again.
 

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