Our home financing - Feedback wanted

Thank you very much!!

In total, we have taken up 224t! Numbers in the month total 650€ back... Uh, I think 1% with a one-time special payment per year

Then definitely try to use the [Sondertilgung]!! Otherwise, you will be paying on your house forever (more than 40 years). And you will hardly get rid of the debt.

Thanks, we will!

It is also planned that we will use everything we save for that, as soon as the house and the garden are finished

Wishing you that everything works out! Just a note to consider that with a fixed interest rate for 10 years (your installment looks like that too?), it would be better to secure collateral for the period after that, when interest rates are higher again (which one must assume). Otherwise, even with special repayments, you will hardly have reduced the rather large amount of 224000 € and then will be left with 160000 € remaining debt and unable to pay the installment! Honestly, I find it strange that a bank would recommend a 1% repayment rate for this amount in today's interest rate environment - maybe you could at least partially secure the interest portion of the sum for the future on the side?

Best regards,
Kate

The mistake in the equation is the assumption that the house will be finished. It never will be.. When you have the garden and everything finished, the first repairs will already come.

this is a typical case for a forced sale in 10-15 years 224 thousand euros borrowed after 10 years remaining debt at 1% repayment with 200 thousand euros!!! Then let the interest rate rise to 6% and your rate doubles!!!! You won't be able to make special repayments either because today it's the garden, tomorrow the heating, the day after the children, etc.