Germany | | Mortgage | Refinance | Equity Release | Buy to Let | | Maximum Loan to value | 65% | 65% | 65% | 65% | | Maximum Interest only period | 0 | 0 | 0 | 0 | | Maximum Term | 30 years | 30 years | 30 years | 30 years | | Maximum Age on completion | 70 | 70 | 70 | 70 | | Average interest rates | 6.4% | 6.4% | 6.4% | 6.4% | | Average monthly price per thousand | 6.71 | 6.71 | 6.71 | 6.71 |
Process:
With the lower loan to value (purchase price) options in Germany, the banks have a greater security against the property and can therefore respond very quickly.
Approximate timelines (weekends not included): | 1. | Approval in principle | Instant | | 2. | Final licences | Day 1 | | 3. | Property registration details | Day 1 | | 4. | Application (receipt of documents) | Day 1 | | 5. | Power of attorney | Day 1 | | 6. | Confirmation of approval in principle | Day 3 | | 7. | Valuation | Day 6 | | 8. | Formal offer | Day 10 | | 9. | Arrange signing | Day 15 | | 10. | Signing | Day 20 | | 11. | Transfer of deeds | Day 20 | | 12. | Payment to developer | Day 20 | | 13. | Agency of service | Day 20 | | 14. | First mortgage payment | Day 21 | | 15. | Commission received | Day 41 | Costs: For guidance purposes, as costs vary from lender to lender: | Cost | Amount | Payable | | Broker fees | 800 | Up front (refundable) | | Application / bank fees | 200 | Up front | | Valuation fee | 500 | Up front (refundable) | | Opening commissions | 1% of loan amount | On signing | | Registry / Notary fees | 1% of purchase price | On signing | | Agency of Service | 120 | Annually on signing date | Currencies:
German mortgages are available in euros.
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+353 901 4604
