Property already financed - is another bank possible for house construction?

  • Erstellt am 2020-12-01 14:58:35

Yaso2.0

2020-12-01 14:58:35
  • #1
Hello everyone,

I’m opening my own thread now so as not to “misuse” another one :)

The situation is as follows:

We bought a plot of land at the beginning of 2019 and wanted to finance it with a variable loan. After a serious family health diagnosis and deciding against building, we converted the variable loan into a fixed one. In hindsight, very stupid – we are aware of that..

Now the topic of building a house has come up again, and the lady at Interhyp said that no other bank would agree to financing since ING currently holds the first lien.

We bought the plot for 73,000 (incl. ancillary costs), of which 60k was financed. Current outstanding debt is 50k and a bit.

Question: is it really impossible for another bank to agree to financing if the plot only makes up a small part of the overall amount?

Could we make it more attractive for other banks if I now make the special repayment for 2020 (3,000 euros) and in January (another 3,000) for 2021, so that the outstanding debt would only be just under 44k?

Our loan with ING for the plot would continue separately, and the loan for the build would be taken out separately with ING, so that I continue to repay the plot at 10% and the house at 3%. The Interhyp advisor just said we should keep the high repayment rate on the plot since the interest rate there is higher.

For about 290k financing, ING offered us 0.89% for 10 years. When we compared online, there were definitely cheaper offers.

Do we really have no other options than to continue financing through ING?

Always happy for tips, tricks, and recommendations

Thanks :)
 

Lumpi_LE

2020-12-01 15:07:09
  • #2
Special termination, pay prepayment penalty, refinance.
 

Aphrodithe

2020-12-01 15:16:41
  • #3
Reason? ING will not agree to that! Why should they?
 

exto1791

2020-12-01 15:23:10
  • #4


Exactly - there is no other option.

No bank will be satisfied with the 2nd rank - that's why always finance variably (yes, I know, that was your mistake).

We are currently in the same phase - but we financed variably with Volksbank.

However, we will now most likely finance our remaining loan + takeover of the variable loan through Ing-Diba :p

I think you are lucky (if you had done it through Sparkasse/Volksbank etc., you would now get the crappiest conditions :D I know this from a colleague)... We compared for a long time and now know about the advantages of ING... I simply find the conditions great and the interest rate is very good!
For us, it is 0.88% with a partial loan amount over 10 years of €220,000. I have not received a better interest rate from any other bank so far.

The question is: Where did you compare online? Without exact data of the single-family house etc., no transparent offer can be created...

I don't know your conditions, nor your equity situation - therefore you also can't compare your interest rate with ours.
What is of course also clear: ING knows that they have you "by the balls" and might therefore offer you worse conditions...
 

nordanney

2020-12-01 15:24:09
  • #5
There is no entitlement to that. I would only agree to that if the financing remains with ING.
 

nordanney

2020-12-01 15:25:51
  • #6
It depends on the financing. If you only need to finance 60% of the LOAN value including the land, it won't be a problem. If it has to be highly financed, I as a bank would refrain from it.
 

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