Financing home ownership and possibly insurance

Hello everyone,

Since I want to purchase a property soon, I have sought advice from a mortgage broker and a bank and received offers.
A brief overview of my situation:
House 560k + renovation + additional costs + broker approx. 670k

Net income 6.5K, equity 190k, but I do not want to use more than 150k for the house. 2 children, sole earner

My plan would be to repay rather slowly in order to have more financial leeway and at the same time make as many special repayments as possible. I am also considering a longer fixed interest period (about 20 years). Interestingly, both advised me against a longer fixed interest period. Currently, there is much speculation about possible interest rate increases in the future. It is hard to estimate. However, I prefer some security.
Secondly, I wonder about protection, since although I am not currently worried financially, as a sole earner there is always a certain risk. The bank recommended protection against illness and death, but it is quite expensive at 18,000 euros over 10 years. Is it not possible to simply take out a term life insurance policy with an independent insurer, for example with a 20-year term? What would be recommended as protection here (200K??)?

Calculated loan installments would be approx. 1500-1600 euros/month.

There are decreasing RLVs. With that, you can insure against the risk of death. Additionally, I would personally secure my income as well by choosing a good BUZ.

Ok, thank you.. then I have to google it... I have already secured [BU] with 2.5k. I don't want more, it's already very expensive anyway.

have an offer made.

I don't see any. :rolleyes:
What did you get?

With a 520k€ loan over 20 years fixed interest rate (1.5%?), you won't get very far with 1500 € per month. (2% repayment) —> 37 years!

You have to insure at least the 0.5 million!

Illness + death are not the same as RLV, which comparatively will only cost "a few bucks."

There are disability insurances that pay out a few euros without claiming and when you reach retirement age.
Whether they are really worth anything, I can only tell you in a few years.

We are taking out a 600k loan and we have secured my husband this way (sole earner)
- 400k term life insurance fixed for 20 years
- 300k term life insurance decreasing for 20 years
- 2 disability insurances + accident insurance (you also have these).

Please keep in mind that when concluding a term life insurance with a sum insured over 500k, you must undergo an extensive health examination (blood test, urine test, detailed health questionnaire, etc.).

We have secured illness insurance at the bank, I have unfortunately already needed it .... additionally a mutual RLV which then applies in case of death Would I have learned from the other thread by Winniefred that it is not wise to insure only the sole earner If something happens to the other person, who then takes care of the children, etc.