The best mortgage for your new home

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How much property can you afford?

How much property you can afford depends on the following factors, your net income, do you have a open-ended employment contract, your income surplus and your net capital. Most banks will not give you a loan with a monthly rate that exceeds 35 % of your monthly net income. You can calculate how much property you can afford with this calculator from Finanzfluss.

How much is the down payment?

Usually, the down payment includes all the purchasing cost that come on top of buying the property. If the bank offers you a 100 % financing than the 100 % does not include any cost associated with the purchase. The obligatory purchasing cost include: land transfer tax (Grunderwerbssteuer), notary and land registration tax (Grundbucheintragung. The cost is likely in the range of 5,5 % to 12,5 % of the property value.

Is it more difficult as a foreigner to buy property in Germany?

It depends. If you are not a German resident it might get more difficult to get good mortgage conditions. The most important factor for your mortgage rate is your credit score. As a permanent resident or a EU citizen this should not be an issue. Blue card holders pose a higher risks for banks because they don't have an extensive credit history. Banks will most likely ask you to pay a larger share of the property out of your own pocket. As a blue card holder you should consider trying to get a permanent residency before getting a loan.

What information is needed to get a mortgage offer?

To get an interest rate offer for a mortgage requires some input. 1) an overview of your financial situation, 2) your credit rating, 3) your mortgage preferences, 4) an assessment of the property. For your financial situation includes your expendable income meaning the money you have left over after all expenses are paid and the amount of your savings. Your mortgage preference include the mortgage duration and monthly payment. The property is evaluated by the bank. If it's an existing property the bank might make an appointment to view the building before making an official interest rate offer.

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