Jim Jones
2023-04-12 14:38:01
- #1
Hello everyone,
we (my wife and I, both in our early 40s) are currently facing a rather complicated financing situation. Actually, I did everything right at the end of the year before last, but first of all, things turn out differently …
Situation at the end of 2021:
With 2 forward loans, 3 credits (2x KfW, 1x main bank loan) were combined and secured fairly good interest rates for 15 or even 20 years. The two KfW loans were "taken over" by the new bank in 2022, the single main loan will be "taken over" by the new bank in 2024. (Please excuse me, I cannot currently explain where this 1-2 year difference might come from).
Change at the end of 2022:
Major family changes resulted in my wife and me selling her parents’ house (almost next door) and wanting to move away from there.
Situation now April 2023
Our house is still burdened with about €200,000, her parents’ house is sold for €310,000 (already net of expenses). The sale of our house could roughly bring in €300,000 (set very pessimistically). The mortgage of our house is split between 2 banks, whereby it is already arranged that the new bank will be the sole entry in the land register in 2024.
The problem:
How can I finance the new property for us most cheaply – requirement including incidental and renovation costs about €440,000?
I have thought about a mortgage swap. Assuming the bank agrees (even at somewhat better conditions than “back then”), since the new property is “more valuable” than our current house – that would be the most attractive solution for us, right? But is that possible with 2 banks?
Simpler, but probably more expensive for us, would be to pay off our house and simply take out a new loan for the new property. Therefore, I am looking for a way somehow to continue the previous interest rates with a mortgage swap.
I have tried to explain our financial situation as clearly as possible – many thanks for reading so far and chapeau for understanding.
we (my wife and I, both in our early 40s) are currently facing a rather complicated financing situation. Actually, I did everything right at the end of the year before last, but first of all, things turn out differently …
Situation at the end of 2021:
With 2 forward loans, 3 credits (2x KfW, 1x main bank loan) were combined and secured fairly good interest rates for 15 or even 20 years. The two KfW loans were "taken over" by the new bank in 2022, the single main loan will be "taken over" by the new bank in 2024. (Please excuse me, I cannot currently explain where this 1-2 year difference might come from).
Change at the end of 2022:
Major family changes resulted in my wife and me selling her parents’ house (almost next door) and wanting to move away from there.
Situation now April 2023
Our house is still burdened with about €200,000, her parents’ house is sold for €310,000 (already net of expenses). The sale of our house could roughly bring in €300,000 (set very pessimistically). The mortgage of our house is split between 2 banks, whereby it is already arranged that the new bank will be the sole entry in the land register in 2024.
The problem:
How can I finance the new property for us most cheaply – requirement including incidental and renovation costs about €440,000?
I have thought about a mortgage swap. Assuming the bank agrees (even at somewhat better conditions than “back then”), since the new property is “more valuable” than our current house – that would be the most attractive solution for us, right? But is that possible with 2 banks?
Simpler, but probably more expensive for us, would be to pay off our house and simply take out a new loan for the new property. Therefore, I am looking for a way somehow to continue the previous interest rates with a mortgage swap.
I have tried to explain our financial situation as clearly as possible – many thanks for reading so far and chapeau for understanding.