Aliona
2014-11-24 14:33:08
- #1
I do appreciate factual comments, but hints or questions about completely different topics (like location, building condition, or the breakdown of the total price) than the original question do not belong here. Just because the mods do not want to hear them or miss an answer and also make fun of me, I don’t have to respond to that – and I don’t find that particularly great! But I have already written this several times.
My simple concern was how I am financially positioned, and I hoped for feedback on this, like from you or others at the beginning of the thread! Now it’s more about being a fanboy of the moderators, who ask off-topic questions but still bring a lot of experience (which doesn’t help with a question in a different area).
It is clear and defined that only A’s income is used for the loan. I find your (Bauherren2014) comment and concerns to be valid, yet one should not simply ignore B’s income. It is known that the bank does it this way for the loan, and it was already described on page 1. I already wrote in the original post that the bank agrees to this and it has already been discussed with offers available – why toxismolotow (with his alleged (I cannot assess) many years of experience in the banking sector) questions this again is not understandable to me.
Only this much on the subject: I have just received a binding offer from the selected bank and have an appointment to sign on the coming Monday. The checks have been positive (with the location of the property, foreign nationality, and one income). The terms: €137,000 at 1.4% fixed for 4 years and €50,000 KFW at 1.25% fixed for 10 years. After 4 years, I have the possibility to fully refinance and take out financing well below 1.5%, regardless of interest developments (we don’t need to go into this interest rate, it can be accepted as given). Unfortunately, this option is not possible yet due to missing requirements. The KfW portion can be repaid at that time without penalty interest and refinanced.
I am very satisfied with this offer and a monthly rate of €800 (I don’t know about the repayment just now) and the option of 4-8% special repayment per year. This also secures me a higher margin per month at the beginning, if corresponding additional costs arise.
Regarding B’s job and risk of loss: B holds a degree, speaks two foreign languages fluently, and meanwhile speaks acceptable German. In addition, there is a job secured until September 2015 with an option for permanent employment. Even if this is lost, something new can surely be found for this profile that brings in at least a thousand euros per month – even with, say, a 3-month search break in between. Exactly these concerns about job security can basically be applied to almost any non-self-employed person if you go by that standard. Here, however, I have a good feeling that we as a family can plan with this income – apart from family planning (1 child).
Relevant costs for vacation and leisure/fun must be deducted from B’s income, so this income can already be considered in the medium term – which we do.
Reserves for a new build and nearly new cars – honestly, I am not yet beginning to think about this, but in 3-5 years this could certainly become an aspect.
What was and is important to me is that A alone can handle the costs and responsibility; this seems possible based on the calculation above and the bank’s evaluation, especially since the loan amount is now €300 cheaper than expected and correspondingly more margin per month is available (roughly €600 per month).
In this thread, I would have liked feedback on the keywords "healthy financing," "risky," or other financial factors I may have overlooked. If more value is placed on location, building description, or off-topic and bashing, that’s okay.
My simple concern was how I am financially positioned, and I hoped for feedback on this, like from you or others at the beginning of the thread! Now it’s more about being a fanboy of the moderators, who ask off-topic questions but still bring a lot of experience (which doesn’t help with a question in a different area).
It is clear and defined that only A’s income is used for the loan. I find your (Bauherren2014) comment and concerns to be valid, yet one should not simply ignore B’s income. It is known that the bank does it this way for the loan, and it was already described on page 1. I already wrote in the original post that the bank agrees to this and it has already been discussed with offers available – why toxismolotow (with his alleged (I cannot assess) many years of experience in the banking sector) questions this again is not understandable to me.
Only this much on the subject: I have just received a binding offer from the selected bank and have an appointment to sign on the coming Monday. The checks have been positive (with the location of the property, foreign nationality, and one income). The terms: €137,000 at 1.4% fixed for 4 years and €50,000 KFW at 1.25% fixed for 10 years. After 4 years, I have the possibility to fully refinance and take out financing well below 1.5%, regardless of interest developments (we don’t need to go into this interest rate, it can be accepted as given). Unfortunately, this option is not possible yet due to missing requirements. The KfW portion can be repaid at that time without penalty interest and refinanced.
I am very satisfied with this offer and a monthly rate of €800 (I don’t know about the repayment just now) and the option of 4-8% special repayment per year. This also secures me a higher margin per month at the beginning, if corresponding additional costs arise.
Regarding B’s job and risk of loss: B holds a degree, speaks two foreign languages fluently, and meanwhile speaks acceptable German. In addition, there is a job secured until September 2015 with an option for permanent employment. Even if this is lost, something new can surely be found for this profile that brings in at least a thousand euros per month – even with, say, a 3-month search break in between. Exactly these concerns about job security can basically be applied to almost any non-self-employed person if you go by that standard. Here, however, I have a good feeling that we as a family can plan with this income – apart from family planning (1 child).
Relevant costs for vacation and leisure/fun must be deducted from B’s income, so this income can already be considered in the medium term – which we do.
Reserves for a new build and nearly new cars – honestly, I am not yet beginning to think about this, but in 3-5 years this could certainly become an aspect.
What was and is important to me is that A alone can handle the costs and responsibility; this seems possible based on the calculation above and the bank’s evaluation, especially since the loan amount is now €300 cheaper than expected and correspondingly more margin per month is available (roughly €600 per month).
In this thread, I would have liked feedback on the keywords "healthy financing," "risky," or other financial factors I may have overlooked. If more value is placed on location, building description, or off-topic and bashing, that’s okay.