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Should
I Get A UK or German Mortgage?
The
German mortgage market is fairly conservative
- indeed, older British buyers will find it reminds them of
the UK mortgage market 25+ years ago!
Although things are slowly becoming more flexible, UK buyers
might find it preferable to raise finance in the UK - from a
remortgage or other secured loan.
What's best for you really depends on your circumstances and
the type of property you are buying in Germany
- if you aren't sure of your options you should take advice
from an overseas mortgage specialist.
Getting A Mortgage In Germany
One
of the features of the German mortgage system is that a fairly
high deposit is required in all cases. Indeed, many German buyers
are now getting around this requirement by taking both a mortgage
and a loan to fund the deposit!
Some lenders may also require you to show that you have previously
been a reliable saver - requirements vary.
Typical German mortgage terms are based around:
You
will also need a copy of your passport for your mortgage application.
If You're Self-Employed
German lenders don't generally offer non-status (self-certification) mortgages, so you will be required to provide full proof of your and your business' financial status:
You will also need a copy of your passport and may need a letter from a chartered accountant detailing your personal drawings from your business.
Rental Income•
Introduction
• Buying A Property
In Germany – 3 Easy Steps
• Should I Get
A UK or German Mortgage?
• Getting
A Mortgage In Germany
• Other Things
To Consider Before Buying In Germany
• Glossary of
Key German Terms
Buying Overseas Property and Mortgages
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