Follow-up financing of €10,000... what does that look like?

What kind of costs should I roughly expect there? 10% interest, no special repayment option? Our budget is currently running low towards the end of the construction planning. Is something like that much more expensive than the loan so far? Do you have to go to the notary again because of land register matters? Does anyone have experience with that?

Hello DerDa,

may I ask why you need to refinance?

With refinancing, the banks really have you in their grip, because the money is absolutely needed, there is no room for maneuver... and with the land charge I see the point critically that the first priority is already gone, which means the second loan has to queue behind. It also depends on how much your property is mortgaged; if there's still some equity left, it wouldn't be so bad.

Have you already spoken to your bank?

We are still in a very theoretical phase... we "still" don't have to refinance. The money will somehow be enough. But if it doesn't get too expensive, we would do it directly to create some breathing room. In the meantime, we have spoken with the bank and the intermediary. We can expect something between 3.5 and 4% interest rate. The same bank would refinance since we only have 60% financing so far. I just don't understand why the same bank wants another land registry entry for 10,000 or 20,000 more. Well, I don't have to understand that either. We will see what happens until we have to make a final decision by the end of August.