Review of construction financing / loan

Hello,

we currently have a house that we would like to buy and are looking into financing. At the moment, we have received an offer through an independent and trusted financial advisor. We would be very happy if someone could tell us whether the offer is "good" for the given conditions.

House: semi-detached house, built in 2017
Cost: 479,000€
Location: Hamburg
Net loan amount KFW funding: 50,000€
Net loan amount from the bank: 429,000€
All ancillary costs are fully covered by us through equity.

About us:

I, male, 32 years old, 8 years in the profession, no credit liabilities, maintenance payment for 1 child, 513€. Net income 3500€
Girlfriend, female, 27 years old, student in the last semester, current net income 700€, in about 6 months then 2000€.
No further children planned.
Current total expenses: 2300€

Bank contract:

Interest rate: 2.090%
Effective annual interest rate: 2.13%
15 years fixed interest period
2% repayment (start), repayment can be changed once per calendar year (2-4%)
Monthly rate 1462.18 (without KfW, bank only)
Special repayment up to 20,000€ annually possible

If further data is needed, please ask briefly.

Thanks again for your assessment!

Best regards
Thomas

Regarding future children - is "none" children on both sides?

I think you are overestimating yourselves if children do come

Why not simply accept the information about the desire to have children? In every thread, the topic is asked about again directly.

And now to your question: Your net income is 3500, from which 500 go towards child support or are they included in the 2300 euros of expenses? How much of the 2300 euros is for the current living space (which would then no longer be needed in the future).

Your information is very "vague". About 1450 euros installment without KfW, how much comes on top of the KfW loan installment?

Despite all the missing information, I personally find the loan amount far too high for the current income. The repayment rate is much too low at 2%, leaving a large remaining debt at the end of the 15 years. The installment is already too high in relation to the actual situation of your income. If your girlfriend earns more soon, the loan amount would still be much too high for me. But it would probably be more feasible then.

We have somewhat more income than your target situation, and to be honest, I would not dare to take on such a high loan.

Why not just accept the statement about wanting children? In every thread the topic is immediately asked about again.

And now to your question: Your net income is 3500, from which 500 go to alimony or are they included in the 2300 euros of expenses? How much of the 2300 euros are for the current living space (which would then no longer be applicable in the future).

Your information is very "vague." Almost 1450 euros installment without KfW, how much is added as an installment for the KfW loan?

Despite all the missing information, I personally find the loan amount clearly too high for the current income. The repayment is far too low at 2%, leaving a lot of residual debt at the end of 15 years. For that, the installment is already too high in relation to the actual situation of your income. If your girlfriend soon earns more, the loan amount would still be way too high for me. But it would probably be doable then.

We have somewhat more income than your target state and to be honest, I would not dare to take on such a high loan.

because men with children always think they are through since everything was bad in their ex relationship and the new partner will obviously go her own way.

last weekend at a barbecue, there was such a couple again. She thought our boys were great, has been waiting for 7 years, is 36, hears the clock ticking, he always apologized, yes stress because of ex and his biological son blah blah.

Men always make it too simple there

...where I also consider the 2.1% to be quite high. I was at the financing meeting at our Sparkasse yesterday and we would currently receive 1.4% (1.41% effective) with a fixed interest rate for 20 years (including special repayment of 5% of the loan amount per year/legal protection/2 years grace period/2% repayment).

To be able to answer the further questions, it would indeed be good to know the KfW rate.