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Do I qualify for a German mortgage?
To qualify for a
mortgage in Germany, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete the application form, and Mortgage
Helpline International won't charge you for this service.
How much can I borrow?
Minimum income level per application is £48,000, sterling equivalent
Loans are available for
applicants who are living and working in either the UK or Ireland, who appear on the countries electoral role, or non-German nationals living and working in Germany.
Married couples must apply
together.
Maximum number of applicants per case is two.
Calculation based on the purchase price of the property
Up to 70% of LTV available for house purchase, remortgage or home improvements for
employed applicants and up to 56% for self-employed applicants
Based on joint net "take home" pay, where joint income is applicable. (80% of rental income for the German property is added to the NET
monthly income.)
Existing liabilities, e.g. mortgage or rental payments, loans, credit card limits and maintenance are taken into account, together with the proposed German mortgage payments. All
this must not exceed 35% of your monthly net income.
What evidence of income do I need?
If you are employed:
Your last three month's payslips
Your latest P60 and Employers
Reference
If you are self-employed:
Your last three year's audited accounts/tax returns
Your last three month's personal bank statements.
The income criteria is strictly adhered to by the
lenders.
Example mortgage payments
If, for example, your net joint monthly income is £2,500, 35% of this equates to £875. If your only liability is your mortgage payment, of say £500, this
would leave a balance of £375 for your German mortgage repayment.
What types of German mortgages are available?
For our latest rates and to see the different types of German mortgages on
offer, please contact us.
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Loans available up to 70% of the property's purchase price
The maximum term of any mortgage is 30 years
Repayment mortgages available
in Euros only
The minimum loan is €25,000; maximum is €1,000,000
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