Mortgage guide: Germany MORTGAGES
62 | GERMANY
Generous eligibility tests, low interest rates, quick turn-around times. Germany looks like a good place to take out a mortgage. Will they give me three?
What are the lending criteria?
This depends on the individual mortgage provider, however typical lender requirements for German Mortgages can be found below:
Affordabilty requirements: The cost of the applicant’s existing liabilities and new mortgage should not exceed 35% - 40% of their net income.
Employment History: Minimum 6 months required.
Self Employed History: Minimum 24 months required. Regions accepted: All regions considered. Property types accepted: Freehold and leasehold properties. Applicants accepted: Individuals only (no companies). All nationalities considered except those affected by international sanctions.
Further information
Currency options for mortgage payments: Euros only. Some lenders will require you to open up a bank account with them in order to make the mortgage payments. Securing a mortgage offer can typically take between 4 to 6 weeks.
Editor’s note:
This guide was accurate at the time of production. The mortgage market changes all the time.
For up to date information, see
www.opp-connect.com/infozone/mortgages
The OPP monthly mortgage report is brought to you by Connect Overseas, international mortgage advisers. They are based in the UK but deal with mortgages in over 50 diff erent countries around the world. See
www.connectoverseas.co.uk. They can be contacted by email at
info@connectoverseas.co.uk or by telephone on +44 (0)1708 676134.
What evidence does a buyer need to provide?
This depends on the individual mortgage provider, however document requirements for German mortgages usually include: • Copy of passport • Copy of utility bill x2 • Copy of birth certificate • Copy of last 3 months’ payslips and last years’ P60 or a copy of the last two years’ accounts and last two years’ tax returns
• Copy of last 3-6 months’bank statements • Copy of loan statements for last 12 months • Evidence of deposit used to buy the property • Copy of full credit report • Copy of last years’ mortgage statement on all properties owned • Size in square metres of all properties owned • Copy of tenancy agreements for buy to let properties • Copy of sales contract • Copy of the property title deed
www.opp-connect.com |MAY 2013
All lit-up | A night-time view of the Bridge and the Dom of Cologne, Germany
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