Financing feasible in the current situation? Single-family house 140 m² including basement

A deposit exchange is one thing, but you still need more credit. If you don't take out the new 210k with the same bank, then the second bank moves into the second rank. I then wonder whether the banks agree to that. (Maybe, I was only always told so far "the banks don't like that so much," whatever that specifically means.) Whether that means worse conditions or some just don't do it at all, I can't judge. Although financing with the same bank as before is of course also an option if they agree to it.

I just wanted to point out that with "we only need 220k more credit" there may be more to consider than you might have had in mind.

Absolutely true, we are clarifying the details with our financing advisor. In the first conversation, he said that something can be found here with good conditions. Another meeting with him is still pending.

For me, the question is whether we can manage this with this income?!

€540,000 with an income of €5,800 is something you have to like. It’s doable, but it’s a chunk of money to pay back.

Especially at around 40 years old.
How high is your repayment on the existing loan?

Currently, the repayment rate is 2.06%. Over the past 3 years, we have been able to save €60,000 in equity again, but we haven’t made any special repayments during that time.

That chunk of money is exactly the point. On the other hand... my wife will eventually go back to working 100% and will then earn more again. At the moment, I see our financing as very relaxed. With the new loan, the installment would almost double from €1,137 to €1,950. So we are currently quite uncertain about what we want or should do?!

Regards, Marcus

Currently, you know what you have. A new building is stressful and currently also costly.

I would not change the situation and take on a higher burden.

Currently, you know what you have. A new build is stressful and currently also costly.

I would not change the situation and take on a higher burden.

Out of instinct, trying to put myself somewhat in your situation, I would actually have voted for a nice new little house.
Would have. Two, three years ago.
Building is, as of today, no longer fun. And that has to be included in an honest calculation right now. Delivery times are still partly catastrophic. When I look at the industry and the problems there, which will worsen in the coming months, and consider the impact on the rest of the economy, one can only be glad to make oneself comfortable with some security in homeownership.
The estimated construction cost might be correct at the moment, but if no gas or oil arrives here in November (which I don’t expect, but it is not impossible), this will have huge effects on building material prices as well. Then the calculation and the plan are gone for the time being.

Who dares not wins. Yes. That’s true. But you also have to avoid a risk if it can be avoided. And without necessity, I would not want to build today.

With your income situation, equity, and your age, especially the age of the children, you can still execute a new build well in two or three years if you know where this is going. Your starting position is excellent and will even be better by then.

BUT: If it fits your schedule: you can start planning. Think about the what, how, and in general.
Check out, if applicable, the usual suspects in your region and get inspired.

I wouldn't do it. The pressure that both really HAVE to work full-time to pay off the house would be too uncomfortable for me. There isn't much room left for extras anyway. School children often need surprisingly much support, so the option that, for example, one only works 80% is simply pleasant. And my children no longer find the garden that interesting. With school age, the need for a garden is already less.

Currently, the repayment rate is 2.06%. Over the past 3 years, we were able to save €60,000 in equity again, but we did not make any special repayments during this time.

Roughly calculated - if you had, for example, made a special repayment of €40k, you would save €720 each year from now on ... I would have (not everything) made special repayments. Regards