downhill
2013-06-11 09:28:59
- #1
Hello,
I am planning to buy a house from the next of kin (father) within the next 1-2 years.
At 26 years old, unmarried without children but in a steady relationship, with a permanent employment contract in the public sector.
Net monthly income: €2050
The house is 20 years old and all renovations will be completed before the sale, so there should be no nasty surprises.
Market value of the house: approx. €250,000
Notarial sale price: €170,000 (lower due to prepaid inheritance)
Equity: €35,000
Additionally €3,600 Riester bank savings plan
My idea:
Direct provider - remaining debt after 10 years €89,000
€100,000 10 years 2.02%, first charge - 1% repayment €250 (special repayments possible)
Sparkasse - full repayment or with special repayments, always €2100 repayment per year
€30,000 10 years 2.7%, second charge - 8.7% repayment €285 (special repayments possible)
Total annuity €535
Is Wohnriester worthwhile in this constellation or should one just take a normal loan?
P.S. I hope the interest rate of the Riester home promotion account will be reduced to 1%, currently 2%.
Best regards
M.
I am planning to buy a house from the next of kin (father) within the next 1-2 years.
At 26 years old, unmarried without children but in a steady relationship, with a permanent employment contract in the public sector.
Net monthly income: €2050
The house is 20 years old and all renovations will be completed before the sale, so there should be no nasty surprises.
Market value of the house: approx. €250,000
Notarial sale price: €170,000 (lower due to prepaid inheritance)
Equity: €35,000
Additionally €3,600 Riester bank savings plan
My idea:
Direct provider - remaining debt after 10 years €89,000
€100,000 10 years 2.02%, first charge - 1% repayment €250 (special repayments possible)
Sparkasse - full repayment or with special repayments, always €2100 repayment per year
€30,000 10 years 2.7%, second charge - 8.7% repayment €285 (special repayments possible)
Total annuity €535
Is Wohnriester worthwhile in this constellation or should one just take a normal loan?
P.S. I hope the interest rate of the Riester home promotion account will be reduced to 1%, currently 2%.
Best regards
M.