Development on someone else's property

What I don't understand ... if your father is included as a borrower with you, as a second salary ... why should he then be responsible alone for 5 people!? If two salaries are tapped, it must be enough for 5 in total!?

However, I agree with toxic, you are with the wrong bank.

What I don’t understand ... if your father is included as a borrower with you, so as a second income ... why should he then be solely responsible for 5 people!? If two salaries are tapped, it should be enough for all 5!?

Because the highly uncertain income of the family father (on call without any enforceable basis) is not accepted as usable income, I fear. For example, there is probably no order book with which the family father can prove that he has regular orders for 2015. Such representations are usually ordered at very short notice.

Sylvia

Ok, very funny. (Irony off)

If you assume a house value of 350K€ and a loan-to-value ratio of 60%, the loan value corresponds to 210K€. The desired amount is 150K€, which corresponds to an actual loan-to-value ratio of about 43%.
150K€ roughly costs 750€ per month in installments... and that cannot be managed with a small, secure and an irregular income.

But okay, if that really doesn't work, I would wait 1 year, then the second annual financial statement will be available, and then work in the third year with preliminary quarterly figures (profit and loss statement or similar should be available).

I advise against the idea of a "gift" without a tax advisor. Gifts in the literal sense do not exist – if this is not formulated properly and checked for tax purposes, the government will come calling, and then the outcry will be loud. However, it can work in cooperation with a tax advisor.

Best regards
Dirk Grafe

If you assume a house value of €350K and a loan-to-value ratio of 60%, the loan value corresponds to €210K. Desired is €150K, which corresponds to an actual loan-to-value ratio of ~43%. €150K roughly costs €750 per month ... and that can't be managed with a small secure and an irregular income.

Costs for building the house do not correspond to the loan-to-value ratio. €350K - €50K ancillary construction costs (purchase costs etc.) = €300K, then a deduction - around 10-20% makes about €270K loan value. €150K of €270K = 55.55% loan-to-value ratio. Which is still an extremely good ratio. €2,400 for a family of four is not particularly much. If private health insurance and car installments etc. still have to be paid, not much is left for a loan installment. Out of self-interest, I would advise you to first wait and see how much money you really have left every month. How much do you save every month, after you currently don’t have to pay rent?

Hello,

No financing commitment so far.

I have been working with an independent financing broker for a long time. If you continue to see no progress in your efforts to obtain financing, you are welcome to contact me via private message – with your real name! – and I will be happy to establish the contact.

Rhenish regards

Thanks first of all for the answers. To clarify a few things:

First of all about the loan: The 350,000 includes ancillary construction costs, land, floor coverings, and other costs. So we really only need 150,000 euros.

2,400 euros is pure net income, health insurance is already paid from that. Besides, we currently have no liabilities, the car is owned, we live rent-free. So the equity is even increasing at the moment.

Regarding the pharmacy sector: It is the case that many university graduates initially work on a so-called substitute basis, as it is significantly more profitable than being permanently employed. My husband could earn almost twice as much if he worked full-time. He could also be permanently employed. But he doesn’t necessarily want that. Otherwise, we have rather modest demands.
It is very unlikely that the order situation will change. Above-tariff pay is standard, study places are capped, pharmacist presence is legally mandatory. There is a severe lack of workforce.

Regarding the 5 people my father is supposed to support: As written by a forum member, in this calculation my husband’s salary is not recognized, as he has not been self-employed long enough. Only my father’s salary is considered secure.

I think we will get back in touch with some banks (and possibly also return to Epis’ offer: Thanks!). Otherwise, there is always the option for my husband to become permanently employed. Unfortunately, the banks of course also want to see the probationary period completed then.