Include the partner's salary in the financing!

Hello,

this is my first post and I hope there is someone here who has had a similar experience or is familiar with this. We are currently planning to build a house, the plot is available and costs 64,000eur. After the first offers, we will probably end up at around 320,000eur for a single-family house without a basement, including everything. We still need 270,000eur that we have to finance. I work at VW and have a permanent contract and earn monthly between 2,500eur and 3,200eur. My girlfriend earns 1,500-2,100eur and also has a permanent contract. We have no loans and about 800eur living expenses and 700 rent. Currently, we are saving the rest. But now we have a small problem. The financing will probably only be possible in my name. Almost a year ago, my girlfriend had her wallet stolen and multiple contracts were taken out on her ID card and online purchases were made via EC and AMEX. Unfortunately, we only noticed the wallet was gone three days later. Therefore, not all matters could be clarified and we had to pay many things ourselves. Well, the bottom line is she got some Schufa entries, which will remain for another two years and Schufa does not care about the reasons the entries occurred. In short, we had bad luck. Now I wonder if I can even get 270,000eur with my salary or if there is another way to include my girlfriend’s salary in the financing, possibly as other income or additional income??? Has anyone had experience with this? Or maybe bankers or financiers among us? Thank you all in advance

I am a banker :). Just as you write it here, you should also tell the financing bank that. It is best to also already prepare the correspondence regarding the theft, police report, etc. Then the bank will believe you too :):)

Hello, yes that sounds great, fortunately we still have the correspondence. And then there is the possibility to include my girlfriend's salary without her being part of the financing? Or do you mean I could finance 270,000 euros alone with my salary?

You can design the loan agreement so that high special repayments are possible. Then the contract is still only in your name, but in reality, your girlfriend contributes significantly via special repayments. Or the range for repayment is, for example, between 1% and 5%. Then the contract is concluded in such a way that it could be repaid by you alone with a low repayment rate (and the bank is satisfied), but you then set the repayment to, for example, 4% because your girlfriend's salary is added.

No matter how, it makes sense to discuss this special case with the bank. They also see your tax return and salary statements, which speaks in your favor.

Hello,

I would disclose the matter.

Considerations for you.

- Surely you will be able to finance it alone. However, I wonder if you want to finance it alone. You are both probably owners, right? If only you act as the borrower, you bear 100% of the personal liability. Your girlfriend is only liable in rem through the property.