Buy a second property - on existing mortgage

  • Erstellt am 2019-04-14 17:12:23

Elina

2019-04-14 21:30:02
  • #1
My idea was to use the 40 "freie Grundschuld" that have now been released through repayment. The house was valued by the new bank in 2017 at 235,000 euros (Wertgutachten).

Help help what exactly do you mean by that?
 

ypg

2019-04-14 21:47:33
  • #2
Your bank can calculate that for you. What if you finance €10,000 renovation costs? Aren't there mortgages starting at €50,000? If it is as you write: buy! Right?m
 

Minitrump

2019-04-15 01:44:00
  • #3
So I know someone who recently took out exactly €40,000 fixed for 10 years at 1.5%, and he was significantly older than you. It is clear that the interest rate for such small amounts is always somewhat higher than, for example, for a €200,000 financing, because the bank's fixed costs have a disproportionate impact there.

You would have to take out a second loan anyway, even with the previous bank, because the loan amount cannot simply be increased since the interest rate level has changed compared to the first loan and thus different conditions apply, not to mention the revaluation of the house, the other income level, etc.

In principle, an additional collateral through the apartment to be purchased should of course lead to a reduction in the interest rate compared to if only the existing mortgage on the house is used. You simply have to compare what the cost of registering the mortgage for the apartment is and how much more interest you have to pay if you only use the already existing mortgage. For example, you can have a €30,000 mortgage registered on the apartment to be purchased (then the registration fees are probably not quite as high as for €40,000) and use the already existing mortgage for the remaining €10,000. Then the (remaining) loan amount would be about 75% of the market value for both properties. These €10,000 would technically be second priority, but if it is with the same bank anyway, this construction should definitely result in a lower interest rate than if you basically do a subordinated financing almost to the maximum (i.e., about 90%). It is known to me that rates drop significantly from a threshold of 80% financing.

But with this loan amount, in my opinion, it is questionable whether it is even worth the effort to deal intensively with these differences, since they should be quite small in absolute terms.
 

HilfeHilfe

2019-04-15 07:03:43
  • #4


Hi yes that’s clear to me, you want to rent to mom, right? If you take out the loan and secure it on your property, the tax office will see that. So it could lead to problems with deductibility. The tax office can be a bit fussy sometimes
 

Yaso2.0

2019-04-15 10:08:09
  • #5


I really can't imagine where in HB there are still apartments for such prices... Except in the districts where no one wants to live.



We had this topic too when we wanted to buy our land. In principle, our savings bank would have done it, but they also couldn't tell me the exact interest rate beforehand. Although they insisted on a minimum loan amount of 50,000 euros when using the existing mortgage.

So either take out more or go to a broker, who could offer us the targeted 40-45k at other banks, but also only reluctantly it seemed and the interest rates were correspondingly higher again.

So we brought in less equity and borrowed a bit more because we were tired of all the back and forth and it was easier for us this way.
 

Tassimat

2019-04-15 10:18:02
  • #6


Ofina is just an intermediary, e.g. to Fidor Bank.

Why don’t you just try it out? I would really appreciate a report of your experience.
 

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