Financing offer good/bad?

hello,

I hope I'm not annoying you with the tedious topic of loan assessment for you
I have received a personally good offer here

Maybe someone who has dealt more with the subject can give their two cents

Thank you

1. Your financing needs
Land price and construction costs 307,350.00 EUR
Additional construction costs and costs for outdoor facilities + 29,564.00 EUR
Costs for notary and land register + 1,900.00 EUR
Property transfer tax + 3,325.00 EUR
Total costs 342,139.00 EUR

Minus equity - 75,265.00 EUR
Minus personal contribution ("muscle mortgage") - 12,874.00 EUR
Financing requirement 254,000.00 EUR

2. Your financing components (Details: see following pages)

Partial loan.
Loan amount 204,000.00 EUR
Fixed interest period 10 years
Nominal interest rate 2.36%
Effective annual interest rate 2.39%
Repayment 2.00%

KFW 153
Partial loan 50,000.00 EUR
Fixed interest period 10 years
Nominal interest rate 1.25%
Effective annual interest rate 1.26%
Repayment 2.86%

Total 254,000.00 EUR

3. Your total financing
Blended interest rate (effective) of all financing components 2.17% Monthly total rate of all financing components after full disbursement in the 1st year 793.28 EUR
Monthly total rate of all financing components after full disbursement and expiration of the interest-only initial years 912.56 EUR

Calculated term 30 years

3x repayment change in the first 10 years

This results in a loan-to-value ratio of approximately 66%.
Jochen

Many banks do not exclude the KFW loan from the determination of the lending value. Minus a possible safety discount, this would therefore probably result in a loan-to-value ratio of around 75-80%.

Many banks do not deduct the KFW loan from the loan-to-value calculation. After deducting a possible safety discount, the loan-to-value would probably be around 75-80%.

However, the KfW loan is (to my knowledge) subordinate and should therefore be deducted. Therefore, the OP should definitely obtain a few comparison offers.

What should or should not be done is unfortunately not decided by us, but by the banks. I can only speak from my experience. When we financed a bit more than 1.5 years ago, there was only one bank that excluded the KFW loans from the mortgage lending value calculation; for all the others, the total financing amount applied. I can fully agree with your second sentence.

Tomorrow and thanks for the already numerous answers in the early morning hours

How do you come to the opinion that it is good? Do you have any comparison offers? I always find it important to have a comparison. Many things cannot be assessed here based on one offer (creditworthiness, etc.).

At this point maybe something about my/our situation
I will be the only one financing since my girlfriend doesn’t earn yet

I have a net income of 2200€. Therefore, we cannot pay off more in the next 1-2 years because the monthly burden must not exceed 900€ loan repayment rate

We got a dream property for us at 50% of the standard land value
And we thought since we definitely want to build someday anyway, why not right now if possible because we pay rent anyway and not little (about 1100€ per month) yes, the Bavarian lake areas are not cheap.

Furthermore, we are in our early to mid-20s, which means a lot will happen financially in the next few years, if my girlfriend earns money the situation looks completely different and in the next 2 years I will also have about 500€ more per month.

Creditworthiness looks very good for me (Schufa)

To me this reads like 307,350 euros loan value

No. I just copied that down badly... That is land, house, notary and property transfer tax

You should also consider that after 10 years your fixed interest rate will expire. That means after 10 years you will still have about 160,000 euros debt without interest rate protection. If you only have a 10-year term, you should achieve a significantly better repayment rate.

That is true, though. As I said, if in about 2 years we raise the repayment to 4-5%, it looks different again, but fixing the interest rate for 20 years certainly makes sense

What I would still be interested in regarding the numbers: Are the almost €30,000 really enough for the ancillary construction costs + outdoor facilities? Where does this value come from? Have you looked at Epi's list? Even if the ancillary construction costs are lower than the always advertised €35-40k, maybe just a little remains for some topsoil and grass seed. Carport, garage, and paving... you can probably forget about those with this total amount. What kind of personal contribution is planned? €12,000 of personal contribution is not that little.

The €30k ancillary construction costs will be enough. Notary and property transfer tax are not included, for example. Planning is included in the house price.

Personal contribution is flooring, painting work, and a flat rate of about €6k for outdoor facilities.