roadrun87
2021-02-02 09:33:38
- #1
Hello everyone,
I am trying to get an assessment of a project here.
The following situation:
My wife (32) and I (33) live in our own home. It is my parents' house, which was completely renovated. Since I bought it from my parents, the purchase price was below the market price. We have invested around €120,000 in an extensive renovation. I would estimate the currently outstanding loan at about 55% of the market value of the property.
My mother moved into a rental apartment after the death of my father. There may soon be a purchase option for this apartment, and I am wondering whether it is realistic for my wife and me to buy it. My mother would have security and we would have an investment property, as the apartment also completely meets our expectations.
Let's assume a purchase price of €200,000 plus ancillary purchase costs. We could cover the ancillary purchase costs ourselves; the rest would have to be financed.
The household income is around €3,500 net (wife in part-time after parental leave).
How does the bank view the situation because of the existing loan? Is it even worth asking or do we have no chance?
I am trying to get an assessment of a project here.
The following situation:
My wife (32) and I (33) live in our own home. It is my parents' house, which was completely renovated. Since I bought it from my parents, the purchase price was below the market price. We have invested around €120,000 in an extensive renovation. I would estimate the currently outstanding loan at about 55% of the market value of the property.
My mother moved into a rental apartment after the death of my father. There may soon be a purchase option for this apartment, and I am wondering whether it is realistic for my wife and me to buy it. My mother would have security and we would have an investment property, as the apartment also completely meets our expectations.
Let's assume a purchase price of €200,000 plus ancillary purchase costs. We could cover the ancillary purchase costs ourselves; the rest would have to be financed.
The household income is around €3,500 net (wife in part-time after parental leave).
How does the bank view the situation because of the existing loan? Is it even worth asking or do we have no chance?