No, no, no. The bank must be able to rely on the fact that the borrowers can service the loan until the end. And besides: Please do not involve the parents in something that one cannot afford, my opinion.
Plot 700 sqm 19,000 Euro Additional costs amount + new street from 17,000 Euro to 46,000 Euro. House approx. 200,000 Euro
Construction incidentals? We have had this discussion about incomplete calculations or missing items quite often lately. The plot is indeed very cheap, congratulations.
What if your mother were to act as guarantor. Would that be possible with a construction loan? Or you as tenant included in the financing. Then there would be 3 salaries available.
Forcing your way into homeownership and bankruptcy?! You currently have not 2 salaries, but only one.
Please leave your mother’s money alone. There are too many components that just don’t add up.
We have been discussing for days about dangerous financing or home-building dreams with 5000 net. And now you come with a salary of 2300€ plus 22k debts. I don’t get it.
Sit down and reflect on your numbers. There isn’t much left at the moment.
Really super cheap calculated by me:
200k - 60k (additional construction costs ceiling floors walls)
140k / 1600€ (per m²)
= 87m² to live in.
Hope that's enough for you.
With 0 equity (25k - 22k car = 0)
you get 2.5% interest from the bank over 20 years
means 920€ per month
your surplus: 3700-2500 = 1200
so you can easily afford it.
regards
I hardly believe that you can build a bungalow completely finished (including painting, flooring) for 200,000 euros. The plot also needs to be paved or planted. You need a fitted kitchen, furniture, a garden shed, possibly a fence, gardening tools, etc. That adds up to quite a bit. Your wife first needs a new job; as long as she doesn’t have one, no income can be calculated or estimated.
1.) I claim that the final price will easily be exceeded. There will be chargeable gaps to be filled in the construction service description. 2.) Ongoing consumer loans of that amount are out of the question if a house is still to be built with your income. 3.) 25k equity is too little. 4.) ALWAYS job security first and then a house. As long as someone is unemployed, nothing will work with your salary. 5.) The project is HIGH risk. Please do not involve relatives in it. Reads super naive, sorry to say so.