No equity, good income, financing feasible?

Hello,
my fiancé and I are currently going through banks. So far we have been to KSK, BHW, and Volksbank.
We are hoping for the Volksbankeg LM, which has been our house bank since we started working.

Our situation is as follows:
HE: 1,800.00 € net, warehouse manager since mid-last year
SHE: 1,500.00 € net, accountant at the parents' company since March 1, 2012.
both permanent positions, no probation period, unlimited contracts.
existing loans (cars): 520.00 € monthly for a few more years.

We only have the property transfer tax and notary fees as equity; since the land is cheap, this is not very much. But the furnishings are already there. Kitchen, etc...

The property is in a small village (300 inhabitants) in the Westerwald:
850 sqm plot
150 sqm prefabricated house with another 80 sqm basement

We haven't really been able to save anything yet because we have bought some things very important to us. Kitchen, some furniture, 2 horses and they are currently kept in boarding stables for rent. We ourselves pay no rent and the rent for the animals will no longer apply because we will keep the 2 ourselves in the village, my fiancé is a hobby farmer and so this is not a problem. We have already leased pastures, but that is also not the topic here.

We imagine a rate of about 1,000 euros per month and need 240,000.00 €. That definitely works out for us, even if a child comes along. Mid-year my fiancé will also earn another 240.00 € net, but if a child comes, I will only go part-time.

So, now about the banks:
We have applied for 2 KfW loans everywhere:
We didn’t want BHW because the intermediary we worked with cost us endless time and there was just too much stuff going wrong.
KSK estimates our house only at 160,000.00 € and now they want additional securities like life insurance or another house as collateral, etc.
Volksbank is still reviewing everything. They have had our documents since the beginning of last week and said at the end of last week that we would hear something at the beginning of this week, today they said it would be the end of this week.
I am simply getting nervous and wondering if we will get through it at all. Volksbank says the creditworthiness is good, SCHUFA is also okay, and now the security, i.e. the house, is being checked. The adviser from Volksbank estimated it at 170,000.00 € in the first meeting and said that you then have to see if everything fits. According to his calculation, the lending value would be about 70%, which is probably already high but still possible, it now depends on how high the value of our house is appraised. But why are they taking so long? We could start now with this great weather and we have really been waiting for over 2 months because the first bank stole 6 weeks from us and I simply can’t bear this waiting and the fear of rejection anymore.

How do you see our chances of getting a loan with our house bank? There are supposed to be a total of 4 loans, for one of the loans the interest is a bit higher, that is the part that is not covered, i.e. that goes beyond the lending value.

I am grateful for any honest opinion and please don’t ask why not save first, etc. We just want it now, because the interest rates are low now and because we discovered a 1a great cheap plot.

Thank you.

You can't always rely on house banks.

Is the house already standing, or do you want to build? If you want to build, 240,000 will not be enough. If the house is to be built, you should definitely calculate around 300,000 - 350,000 including the basement.

But regarding your finances. It is quite unclear what you are paying now and what not. I will try to list it:

Income now
3300 net

Deductions:
Cars 520
Horses ? (monthly feeding costs, vet ? etc...)
Pasture rent ?
Installment 1000
Additional costs 300-400 (property tax, waste, reserves, repairs)

I advise you to have a free consultation with an independent financing broker. They usually have a clearer picture and don’t already focus on the house when you can no longer pay the loan. The bank doesn't care whether you pay high interest for years or they get your house. In the end, they always win.

okay, sorry. as follows:

the cars cost 520 euros per month.
the horses cost nothing for feed etc. if we keep them ourselves. just vet and hoof care, so let's say about 50 euros per month. my hobby farmer also takes care of the feed himself. as long as we do not keep them ourselves, they still cost 600 euros per month in rent. we pay no rent or utilities for ourselves because we have an apartment at my parents’ place, but they need the apartment themselves now, so we have to move out.
we have some money saved, but we want to keep it in case something happens with the car, house, or horses.
so:
3300 income - 1000 installment - 520 existing loans = 1800 for everything else. so utilities, insurance, food, etc. in a few months about 240 euros more will come due to a salary increase.
the lease for the horses is 200 euros per year for the pastures.
as I already mentioned, I am an accountant and have now calculated over several months that we need about 1000 euros per month for ourselves without insurance, phone, etc., for food, fuel, birthdays, gifts, etc., so we will manage monthly, I am just slowly afraid whether a bank will agree to our case at all. we were with an intermediary, the one with the ksk..... and the bhw was also an intermediary. the ksk was Interhyp and they estimated the house at 160k euros and now want collateral in the amount of 100k euros. where should we get that from? ridiculous.....right? I have had enough of Interhyp and intermediaries for now.
my actual question is not whether we can manage financially, but whether a bank will finance us as it is now and if so, according to your experience, which bank finances like that? and why Volksbank is taking so long with us now? we called today, he only said it will take longer, it is still in process.

thank you.

Well, whether a bank is willing to do it can only be answered by the bank itself. If they want additional collateral, there must be a reason for that. And not every loan granted is justified. You really have to assess for yourself whether you can manage it. At the beginning, the bank wanted to give us a full 350,000. We could never have managed that, but we could have signed.

It probably takes so long because the construction industry is booming at the moment and everyone wants their offer. Our advisor had a direct line, and we were done with the financing issue in 7 days. For our neighbor, it has already been 4 weeks.

The 100,000 equity capital is usually the land that the bank takes as security.

Have you also included 50,000 for the basement and at least 30,000 for ancillary construction costs in the construction costs? Because if Ma..a means what I think it means, that won’t work. An expansion house costs around 150,000 if it really is supposed to have 150 square meters of living space.
If you want to pay for the land with the 240,000 as well, that will never work. Not with a basement, not as a prefabricated house.

also die 240t passen aufjedenfall.

We thought so at the beginning too. Well, now we are almost at 400,000 if it keeps going like this.
Unfortunately, there are costs that no one can predict.

Surely you will manage to get a loan. But to be honest - you are just sugarcoating the situation. Basically no equity, then a price expectation for a new build that is absolutely unrealistic. A project like building a house requires good planning. This also includes adjusting your life in time to save as much equity as possible. You have obviously lived quite well and spent the money on other things. A house of this size will certainly (without land) cost around 300,000 euros. In addition, there are costs for the outdoor facilities and much more. In your place, I would not build under these conditions. Regards

Everyone is the architect of their own fortune.