Our bi-lingual consultants specialise in finding effective and flexible solutions for people looking to raise finance for property in Germany
We have access to a panel of lenders which means we can help you determine and compare the true cost of German mortgage schemes currently available. As well as discussing all the financial options we can also provide guidance on the more technical aspects of property purchases in Germany to ensure you are fully informed when making your financial commitment.
Click_here to get your FREE German mortgage quotation
- Panel of German lenders
- Up to 70% loan to value ratio mortgages available
- Fast ‘in principle’ decisions
- Bi-lingual consultants waiting for your call
When it comes to buying property in Germany, there are also other factors to take into consideration alongside the mortgage. Because you are purchasing in a foreign country with different laws and culture, the process is different to the UK.
International Mortgage Brokers prides itself on providing a professional and personal service.
German mortgages are not regulated by the Financial Services Authority. However, we aim to apply the same high standards of service and care when we are handling clients applications.
German mortgage - agreements in principle
Provided we are in receipt of sufficient and relevant information we can usually obtain an ‘agreement in principle' from lenders in Germany within 24 hours. This helps if you want to know how much you can borrow or if you have a particular property in mind.
You can use the agreement to reassure the vendor that you are serious about the proposed purchase. It’s not a formal offer of loan from the bank; it’s simply a very strong indication that the bank in Germany is likely to lend the monies to you provided the property is suitable security for the loan and the information you have supplied can be verified during the formal application process.
German mortgage - how much can I borrow?
Many banks in the UK work off a multiple of your sole or joint annual gross income. The European view is a little different as it is based on your ability to repay so they will want to make sure that the mortgage is affordable.
Most European banks lend on the basis that your total monthly repayments (capital and interest) should not exceed 35% of your net monthly disposable income.
Mortgages in Germany are arranged on a bespoke basis. We would aim to obtain an agreement in principle in the first instance to determine how much they are willing to lend.
German mortgage - products
Interest rates are normally fixed and made available for periods of between 3 and 10 years. Longer fixed rate terms are available.
German mortgage - supporting documents
We will require documents to verify your identity and address. We will also require the following to verify your income:
- A copy of your last P60
- Copies of your last 3 payslip's
- A copy of your Inland Revenue Tax Calculation if you have one
If you are self-employed you will need:
- Copies of the last three years' annual accounts
- Copies of the last three years' Income Tax Calculations issued by the Inland Revenue
- Copies of the last six months bank statements.
This is not an exhaustive list and additional documents may be required. For more detailed advice please contact us.