additional loan for roof repair

Hello.
In 1998, we bought a house and financed it accordingly.
After about 13 years, we bought another house and completely renovated it except for the roof.
No additional loan was taken out.
Today, the roof needs to be replaced, with costs amounting to around €18,000.

This money is no longer available after we spent around €150,000 of our own funds on the new purchase and the renovation.
After a conversation with our bank, we can get the money, but I am not quite comfortable with the solution and do not want to be taken advantage of.

The whole thing is supposed to be handled through a home savings contract, which would mature in 10 years.

Below are the copies of the bank’s proposal.

Maybe someone can tell me if this is okay or if I better keep my hands off it.

The current loan balance is about €115,000.

Thanks in advance.

Why all this fuss? Simply EUR 18 million new loan, subordinated secured and good.

If necessary, a small unsecured personal loan. The Ing-Diba offers property owners 4.25%

Hi,

we received a loan from our parents back then - that was the easiest way. If you don’t have this option, then there is no way around the good old bank :)

Good luck
Regards

Thank you for the information. We have renegotiated with our roofer and obtained a reasonable solution for an installment loan. The interest rate is 3.6% without any additional conditions. It will start soon.

Thank you very much for the information. We negotiated again with our roofer and got a reasonable solution for an installment loan. The interest rate is 3.6% without any additional conditions. It will start soon.

Great, I'm happy for you, all the best going forward :) Best regards