DASI90
2019-09-20 09:36:35
- #1
You have combined some very special wishes there.
- Most banks require at least 2% initial repayment. That already leaves only a handful.
- The low initial repayment determines the calculatory term, so probably an issue at retirement entry. Some drop out there or significantly adjust the conditions. What you plan later does not interest the bank, on the contrary, you will also need one that allows repayment changes.
- 20 years fixed interest period is not unusual now, but regional savings banks often fall out, and they often have good regional rates.
- Banks with 24 months interest-free provision period exist - rumored. They must be searched for with a magnifying glass and then charge very well for it.
In short, you are looking for a bank for all your above-mentioned, extraordinary demands and it should also have the best market interest rate. That will not work. You will have to make compromises somewhere.
Therefore, the question about age and income is not entirely unjustified, because the equity brought in does not match the desired repayment at all with this small amount.
We currently have €4000 net available because only I will be working in the specified period of 5 years. Therefore, it was also our wish to start lower at first. 2-3% should also be possible from the start. That is why I asked what is realistic or usual or not.
I can understand that equity and repayment desire do not initially seem to fit together. Due to my company, which I founded at a young age and then sold, the reason for the very comfortable equity situation exists. If I had not decided to part with it, there would be significantly more available monthly but considerably less in directly available funds that would logically be tied up.
But I mean we are talking about a quite high project sum with about 65% equity ratio. I mean, that must also carry weight? Basically, the bank has no risk. I mean, we provide almost twice as much equity as we want from the bank.
You are in the right place with the broker. 24 months provision-free period exists but rather rarely and with surcharges. And with your planned low repayment that makes little sense. Why finance at all now?
As far as I know, Ing-Diba wants to see 2% initial repayment but allows repayment rate changes during the term down to 1%. Brokers know such tricks.
Still interesting why you want it that way. Lots of equity and the house can also be described as upscale and then not repay? Everything given for free and no liquidity or do you prefer to invest your money elsewhere? (Although then it is questionable why so much equity is brought in.)
Nothing given for free or inherited. I have already written the reason for the desired financing above.
We applied at Schwäbisch Hall for €320,000 at 0.89% p.a. with 20 years fixed interest. Equity is 20-30%.
And how much do you repay monthly and what is the total term?