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burningkrome posted a topic in FinanceWe're looking to buy a home in the next couple of years. One question I haven't been able to get securely answered is whether additional, unscheduled payments can be made to the principle of a mortgage here in Germany. I'm not talking about the 1-10% additional anfängliche Tilgung that's already scheduled into the loan. For example, a sound repayment option for mortgages in the U.S. is to take out a standard annuity amortization (where the interest is paid first, and the principle second, on a diminishing schedule.) BUT, if you decide you have extra money during the month/year, you can pay this extra against the principle (ONLY) of the mortgage (in addition to the regularly scheduled amortized payment.) This payment can be spontaneous, and the lender cannot refuse to put the payment against the principle (versus against the interest.) Doing so is both a great way to buffer flexible income (I.e. take out a larger loan, longer term, with smaller payments - but pay extra every month when you can to reduce the larger expense of the interest.) Is this possible with mortgages in Germany?
Hello! I am currently researching the process of buying an apartment in Berlin. I am debating between buying a 2 or 3 zimmer one. I'd like to use the extra room as a guest room for visiting family or office, or rent it out part time to students/Airbnb/etc. I've read through the threads on the income taxation, and still need to see if the math makes sense. I'd still only get a mortgage I could afford on my own, but saving some money could be nice. Ultimately though, I want to know if this is even legal to do with a German working visa. I can also imagine in a few years having a freelancer visa (I'd like to work independently for a while). Would having some income from a rental property that I live at be allowed?
Hi Everyone, I have been living in Germany-NRW since 2018. I am working in a university as a postdoc researcher. I am married and have a kid who was born in Germany last year . My wife is also an academic, she started to work on a new project last month. Since 2018 my monthly payments made as a 'Stipendium', means I am not a taxpayer. But my wife working as a normal working contract and her contract will be valid until the end of 2022. We all Non-EU residents. We are looking for an apartment to buy. Finally, we got a suitable place. It is 210K with all expenses. We have 60K as an 'Eigenkapital', which means we need a 150K loan. I got help from an online consultant, whose company works with the expats usually. Since we are still waiting for the Blue Card Application process of my wife, the mortgage advisor said our only option is 'Bauspardarlehen' to get loan from banks. He sent me an offer from Wustenrot. In offer, Wustenrot requires 30k interest from me in 13 years of period. Besides this interest payment, I will pay 400euros as saving money and totally after 13 years, 90k of the loan amount will remain unpaid. Despite the real estate agent accepted my offer, and Wustenrot is ready to give 150k in these conditions, I decided to stop the process until my wife gets her EU Blue Card. Because it seems to me super expensive than a normal Mortgage product. Since my mortgage advisor said, having a blue card will not effect positively because our work conditions (we don't have permanent work contracts), I would like to ask you; I wonder if any of you have any experience getting a Mortgage as an EU Blue Card holder? What are your recommendations? Thank you!
HI Everyone, I've recently obtained a mortgage from ING (via a mortgage broker), and was expecting them to release the funds soon. But, I just received a letter from the bank requiring me to have all of the mortgage contract documents translated in English. I guess they must have discovered in some way that my native language is not German. Can anyone give advice on this? Do I need to use a certified translator, or are there any other specific requirements? The letter didn't specify anything. Of course, I can ask ING to clarify this, but maybe someone here has some experience with this? Cheers