Buy the neighboring house near the parents

Hi Noodles90,

that's exactly what I meant by life insurers. We ended up with A. as well.

Giving a forecast on conditions here is very difficult. It depends on so many different factors that you certainly don't want to elaborate on here in the forum. ;)

For example, points like the value assessment of the property, loan-to-value ratio, your Schufa rating, and so on, and so on,...

The "catching" or securing of the condition with a building savings contract is basically possible; you just have to keep in mind with a building savings contract that the repayment amount is usually significantly higher than with a "normal" annuity loan - so despite a favorable interest rate, the rate might be higher than before.

Just have offers made with different terms, but please have the special repayment option included in the calculation each time - that usually also influences the interest rate.

Our financing is now fixed for 25 years - so we can definitely sleep well. :D

The bank, as you correctly recognized, very rarely has a problem if you can no longer pay your installments or can only pay them with difficulty after the interest rate fix period expires.

In that case, the property will likely be foreclosed, and the bank usually recovers the outstanding amount because you have already repaid faithfully for years...

You are doing exactly the right thing by also obtaining independent opinions. Above all, it is also important not only to get two offers (house bank and e.g. insurance), but possibly to also bring an independent credit broker on board.

Regards,

Dirk

If it is to be a classic annuity loan, consider how much you can make additional repayments per year, or save per month for this, without having to restrict yourselves. Then you can assess whether a 10-year fixed interest period poses a high risk or not. It is important, however, that the additional repayments are actually carried out.

But in my opinion, first a proper offer from the house bank should be put on the table, then further considerations can be made.

On Monday, my advisor from Allianz is coming to pick up the documents (he is actually on vacation but still wants to work on it), and on Wednesday at 9:30 I have an appointment at my house bank. Then I will see what comes out of it. I am a bit worried that I can’t manage the financing completely on my own and am already dependent on a few euros from my girlfriend. In addition to the extra costs, there is also a term life insurance in case something happens to me; furthermore, I actually have to increase the disability insurance (an additional €75 per month), which so far only covers €500 because it dates back to my training period. I just remembered this earlier. I almost think it might be better to forget about it after all; in the long run, it probably won’t work out well. Or how did you handle this?