derkorken
2021-04-11 13:49:39
- #1
Hello everyone,
following situation: It is planned to purchase a new semi-detached house from the developer around March 2022. We, a married couple both working in the public sector (both 42 years old) and two children, have a net income of €6,200 per month including child benefits. From this, €400 for private health insurance still goes out, so a final equity of €5,800 is available.
to the facts: Purchase price semi-detached house including ancillary costs: €435,000 Equity in tied form of a paid-off condominium available. Market value according to the broker approx. €125,000. Bank balance €26,000
As mentioned, we want to buy a house in March 2022. We want to inquire about a bridge loan/variable loan using the paid-off apartment in the amount of €100,000 in order to have equity available. The plan is to pay the purchase incidental costs of €35,000 with this and directly contribute €65,000 to the financing. In the end, there would be a financing amount of €335,000. We want to use €1,500 monthly for the servicing of the construction financing. Now to my questions: Is it realistic that a bank recognizes the apartment as bridge financing and makes €100,000 available based on the market value of €125,000? Is it possible to use funds from the bridge financing to pay the purchase incidental costs (notary, property transfer tax, etc.)? What is your general assessment of the project? What are the chances of getting a reasonable financing?
Many thanks in advance. Best regards M.
following situation: It is planned to purchase a new semi-detached house from the developer around March 2022. We, a married couple both working in the public sector (both 42 years old) and two children, have a net income of €6,200 per month including child benefits. From this, €400 for private health insurance still goes out, so a final equity of €5,800 is available.
to the facts: Purchase price semi-detached house including ancillary costs: €435,000 Equity in tied form of a paid-off condominium available. Market value according to the broker approx. €125,000. Bank balance €26,000
As mentioned, we want to buy a house in March 2022. We want to inquire about a bridge loan/variable loan using the paid-off apartment in the amount of €100,000 in order to have equity available. The plan is to pay the purchase incidental costs of €35,000 with this and directly contribute €65,000 to the financing. In the end, there would be a financing amount of €335,000. We want to use €1,500 monthly for the servicing of the construction financing. Now to my questions: Is it realistic that a bank recognizes the apartment as bridge financing and makes €100,000 available based on the market value of €125,000? Is it possible to use funds from the bridge financing to pay the purchase incidental costs (notary, property transfer tax, etc.)? What is your general assessment of the project? What are the chances of getting a reasonable financing?
Many thanks in advance. Best regards M.