Am I creditworthy as an individual in the following situation?

  • Erstellt am 2018-03-06 14:40:26

pffreestyler

2018-03-06 14:40:26
  • #1
Hello,

I, 29 years old, have reserved a plot of land with my girlfriend in a new development area in Schleswig Holstein - approximately 900 m2, costs including land transfer tax and notary approximately €37,500. Equity available amounts to €45,000.

It is a must for us that the house is age-appropriate - for us, especially a barrier-free shower and a bedroom on the ground floor are important. This makes the ground floor quite large, so it will probably be around 100m2, with an expandable upper floor. Solid house - gable roof. There are currently no children.

I am planning with a maximum loan of €200,000, with an interest rate fixed for at least 25 years, which I want to take out as an individual. My current salary is €1,850 (2019 approx. €1,940, 2022 €2,120, the other two steps are still a long way off), and I have a permanent contract in the public service at a municipal authority. A monthly repayment of €750 is to be paid entirely by me - €300 - 350 operating costs by my girlfriend. The background is that I could also pay everything alone if only my salary were available.

So back to the headline: How do you assess whether I would get a loan under these circumstances? How high do you estimate the interest rate to be approximately?

Best regards

PS: Do you need any further information?
 

saar2and

2018-03-06 14:51:47
  • #2
If you do everything including the shell construction yourself, the 200k is achievable; otherwise, not.
 

pffreestyler

2018-03-06 14:54:27
  • #3
I have a comparison to the house we presented, which was built by the same contractor with whom we also intend to build. Ytong, painting work, and window installation will be carried out by ourselves. That the €200,000.00 will be sufficient will work out. My main concern is to get the loan. It can also be said that we are in a structurally weak region - which could also play a role in the house building costs.
 

ypg

2018-03-06 15:05:03
  • #4
Equity theoretically goes towards the land. Remaining 200000 for the house with over 100 sqm living space, additional construction costs, and outdoor facilities. I believe a) it won't work with a 200000 loan. b) no bank will give you a home financing with that salary. But miracles still happen: a large amount of equity makes a lot possible, and a bank meeting clears up the question marks. The basic bank meeting about all possibilities should be held before reserving the land with the enamored thought of your own home. So set an appointment today!
 

pffreestyler

2018-03-06 15:12:32
  • #5
An offer is already available, I will obtain more soon - I just didn't mention it to avoid influencing your opinion. I am interested in your experience, so I don't only know the side of the bank advisors, but also the side from across the desk.

I have several acquaintances who have built for about €250,000 in our village within the last 4 years, e.g. ground floor 70 m2, upper floor 60 m2 without any personal contribution.
 

Zaba12

2018-03-06 15:40:01
  • #6
What happens if the girlfriend as a source of money disappears? What happens if she accidentally gets pregnant? It can happen. Honestly, it’s not up to me to judge if you want to spend more than 50% of your income on housing. If you feel comfortable with it, then go ahead. I wouldn’t feel comfortable with it.

EDIT: Misinterpreted the question, sorry. Problem remains nonetheless.
 

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