DReffects
2016-08-14 04:27:38
- #1
Hello everyone!
The awarding of the contract is imminent – the topic of construction financing is back in focus. Due to my professional activity as a self-employed person, I have (unfortunately) some very specific requirements:
Background: as with every company, there are ups and downs. My plan is to pay installments averaging 4-5% repayment over the year – however, mostly through special payments that I can allocate freely.
In practice, this would ideally look like this for me:
(As an example)
I have often been offered the combination of a loan with a 10-year fixed interest period and a building savings contract with a further 10 years fixed interest period.
All, of course, assuming that I make the special payments in such a way that I average back to a corresponding amount per month.
Main argument here: with a building savings contract, special payments are possible at any time in any amount. In addition, the monthly minimum rate, consisting of the building savings rate and the pre-financing interest rate, is supposedly the lowest.
My questions on this:
Many thanks for your attention!
Regards!
The awarding of the contract is imminent – the topic of construction financing is back in focus. Due to my professional activity as a self-employed person, I have (unfortunately) some very specific requirements:
[*]Minimal monthly mandatory burden
[*]Very high, as flexible as possible special payment options
[*]20 years fixed interest period
Background: as with every company, there are ups and downs. My plan is to pay installments averaging 4-5% repayment over the year – however, mostly through special payments that I can allocate freely.
In practice, this would ideally look like this for me:
[*]Monthly minimum contribution approx. €500
[*]After a large order in August, €5,000 special payment
[*]At the end of the year, another €4,500 special payment
[*]This would then mathematically result in €1,291 per month in this example
(As an example)
I have often been offered the combination of a loan with a 10-year fixed interest period and a building savings contract with a further 10 years fixed interest period.
All, of course, assuming that I make the special payments in such a way that I average back to a corresponding amount per month.
Main argument here: with a building savings contract, special payments are possible at any time in any amount. In addition, the monthly minimum rate, consisting of the building savings rate and the pre-financing interest rate, is supposedly the lowest.
My questions on this:
[*]Is it correct to use only the total interest and concluding costs of this combination as a comparison value to compare it with other offers such as an annuity loan?
[*]How high do you estimate the risk that the building society will NOT provide the building savings loan after 10 years because the situation is bad? Is there any protection for this?
[*]Do you have a better idea? :D
Many thanks for your attention!
Regards!