Financing monthly installment €2500 with 40 years term

Unbreakability of contract... the bank will always get its money or the house
Safer would only be cash purchase without a bank, I think

Not quite unbreakable, but almost :cool: I could make a whole separate topic about civil service, especially for teachers. Same performance, sometimes less, because they know they are almost unbreakable for more and earlier money... But let's not digress :-)

Thanks again for your many replies. :) We know nothing about this industry and are very dependent on the expertise of others and are easily influenced.

D

Just imagine you’re not building!!! Then you might pay €3,000 rent until the end of your life (exaggeratedly estimated over 40 years). And until then you might have spent your current net salary on consumption.

Honestly, I absolutely can’t understand your worries. Screw the 40 years. Sell the house at 55, enjoy good liquidity then and LIVE.

P.S. My financing ends mathematically at, I believe, 87. And by the way, I am a banker ;)

The argument from SaniererNRW123 actually corresponds to what we have been thinking about in the last few hours. That if you DON’T BUILD AT ALL, you alternatively pay high rent until the end of your life, and with a 40-year term you are AT LEAST finished after 40 years, makes us rather pro house construction.

The possibilities for special repayments and increasing the repayment rate are also optimistic.

Additional questions that have come up:

We have not yet built up more assets because after university we first did our legal traineeship, then had our son, and ultimately have only had two incomes for one year.

We have an independent financial advisor who can compare hundreds of banks in his tool. So we don’t have to go to another bank in the classic way.

We do not want to increase the repayment rate now because we want to stick to our desired rate. After all, we still want to be able to live.

Incidental construction costs, such as construction electricity, construction water, earthworks, and foundation slab, are included in the building company’s offer. They also work with a fixed price guarantee until completion.

We have an independent financial advisor on our side who can compare hundreds of banks using his tool. So we don’t have to go the traditional route of visiting another bank.

That is not quite correct and is a wrong decision. I had 6 different bank advisors who offered me different terms despite the same program. In the end, it was a regional bank where I personally had an appointment.

Can you please translate this?

Civil servant teachers receive higher salaries and that on the 1st of the month. Employees only at the end of the month. In addition, civil servant teachers are entitled to a pension, which is also higher. They work the same number of hours as the employees, and in some cases deliver less performance, similar to a moral hazard effect (more far-fetched).

We don't want to increase the repayment rate yet, as we want to stick to our desired amount. After all, we still want to be able to live.

And who is supposed to pay off the house then? With the stated rate of €2546, we're talking about 3.8% interest and 1% repayment!!! Total costs after (theoretical) 40 years would then be €1.232 million!!! You'll really have to step it up...