Construction financing despite EU pension

Well, my partner’s child is already 15, so not in the household for much longer either. It also seemed very suspicious to me, but the advisor from Postbank suggested that if my partner’s income from her part-time job were added to my 2,200 euros, it would work. However, she also has her own loan running, which we would possibly refinance if it were to work. We would have 800 euros as a possible monthly amount once my partner’s loan is gone since, as I said, we live in her apartment and have almost no expenses.

As for my parents, they should at least step back. Especially my father has to understand this; he never contributed anything for the house but only took it over from his father, and due to his negligence, the second property is in such a miserable condition.

I definitely thank you and will now discuss the situation with my partner and how we should proceed.

Oh, regarding the work situation, that will not change. I have the pension for health reasons, the additional income, and the rental income; my wife will only work part-time as long as our child is small, especially since she sees no financial reason to go back to full-time due to other income she still has but that cannot be taken into account, especially since it is not her house, she would only be supporting me.

What value does the property you want to renovate have?

Did the banker know that your wife will only have 800€ net income and that she also has an additional loan?

Why is the renovation so important to you?
How about selling?
What will you do if you have a 100k loan and the future tenant does not pay?
For me, renting would only be an option if I could easily afford it (or if the apartment is already my property anyway).

Yes, the banker had all the proof from her from before the parental leave. Both houses belong to me, but one is not habitable; however, if renovated, there would be plenty of space for two parties and additionally stables since it is an old property. I cannot sell it because it was part of my parents' notarial agreement that both properties may not be sold without consent.

For the one I want to renovate, there is also the option for a subsidizable energy procurement measure whose installation would cost me 30,000 euros but could cover the electricity needs of both households. Specifically, it is about a mill under monument protection with a residential building and stables that have always been in the family. I have also already been in contact with the municipality and monument office regarding the costs and what needs to be done, hence the high amount I would need; some of it would also come back through subsidies, but first I have to pay.

Oh, the value of the mill is set at 170,000 euros, the building to be mortgaged at 270,000 euros, although the Postbank advisor said you could also mortgage a lower amount and start the renovation and after the increase in value mortgage the mill, but provided I have the permanent pension or my partner her regular income.

Hmm, so in the end you have equity of 170k and 270k, so a total of 440k, however reduced by the right of residence.

Interesting that you still don't get a loan, even if I understand it correctly regarding the income.

If I were your parents, I would much rather agree to the sale of a mill than have my right of residence removed.

Could your parents support you in any other way than risking their own home?