Home purchase financing in combination with a building savings contract

Hello first of all, let me introduce myself briefly, I am Hendrik so you may address me informally.
Nice that I found this forum for exchanging opinions, maybe you can help me with the decision.
Following situation:
We want to buy a semi-detached house here are the details:
Semi-detached house built 2010, 102 sqm, 350 sqm plot price 144,900 euros
Heating is air heat pump approx. 27 kWh/m² p.a.
Income:
Me: 1,670 € net
My wife: 1,530 € net
In total 3,200 € net / monthly
Equity approx. 15,000 €
Notary, court etc. would be about 10,000 €
for "renovation work" and so there would be 5-10 thousand left
the following was offered to me:
Loan of 150,000 € at 2.45 % with 1.5 % initial repayment rate
monthly rate would then be approx. 495 €
term 10 years
outstanding debt after term 125,000 €
additionally, 290 € monthly (total monthly burden 785 €) will flow into a home savings contract
so that after 10 years 35,000 euros are saved there (possibly more due to interest)
this home savings contract then guarantees me an interest rate of 2.35 for 10 years for further financing.
But I can also put more into the home savings contract at any time.
From 50,000 euros the interest rate would then be 1.25 %
So I would have to refinance another 90,000 euros at 2.35 % interest over 10 years.
or 75,000 euros at 1.25 % interest
Now the question????
Does all this make sense or is it a scam?

why do you have so little equity with such a high net amount?

Hello Hendrik,

first of all, welcome to the forum. :)

The construction with the building savings contract is not entirely clear to me.

What is the building savings amount behind it?

Why is the interest rate for the building savings contract only guaranteed for 10 years? Normally, the interest rates on a building savings loan do not change... :confused:

What happens with the rest of the remaining debt?

Are special repayments possible?

Where did you get this offer from?

Somehow it seems to me, to put it mildly, rather unusual and incomplete...

Regards,

Dirk

We haven't been saving for long, buying a house was actually not an issue. We prefer to go to New York, the Caribbean, Florida, here and there. We took vacations 2 - 3 times a year. We are only 31 and 30 respectively and wanted to see something of the world first. Besides, our apartment including additional costs currently costs about 830 euros.

Hello Doc

yes, we also first did all the calculations with a ballpoint pen yesterday, so it's still a bit incomplete overall. Sorry for that

No special repayment, but you can increase the building savings contract for that
And I have to refinance the remaining debt after 10 years.

What do you all think, is the house feasible with our income or rather unrealistic?
Leaving aside the current offer I have. There are also others

Hello Hendrik,

first of all - in my opinion, you did nothing wrong with your vacations - if you have the opportunity to see some of the world at your age, you should take advantage of it.

What will be important for you now, however, is that you can prove to the bank or another lender that you have now reached a certain savings rate and can afford the loan installment.

Personally, I would never waive the option of special repayments. The idea of possibly putting special repayments into the [Bausparvertrag] is not really that great - with every deposit, you reduce the favorable loan entitlement, which is actually the core of the [Bausparvertrag]...

I would recommend that you also inquire with independent credit brokers and especially with the major life insurers - there could still be significantly more interesting structures and conditions.

Regards,

Dirk