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Credit for the house
Hi,
I would like to buy a house, but do not have any savings to pay the registration fees (10% of the house's selling price). All banks I contacted want me to have the 10% and would only give me credit for the value of the house. Does anyone know of the banks which would also lend the 10% for the registration fees?
THanks in advance.
Depends on your job. You might have a chance if you're a newly appointed EU fonctionnaire, but since the credit crunch, the 125% mortgages are a thing of the past for ordinary mortals.
10% is very optimistic - you will probably need to budget significantly more.
Rather than going to a bank, try a broker like Immotheker.
As J said you really do need more than the 10% that is just the registration fees. On top of that you will have Notaire fees, mortgage fees and a whole host of others Equate 17.5% as a minimum but depending on where you are buying it could be up to 20% on top of your mortgage.
It's telling that you would have a better chance if you worked for the EU. But hey, they do have to do a competition.......
My old-fashioned bank manager gave me some sound advice by point blank refusing to give me a loan, due to the uncertainty of the job market.
I took on two (sometimes three) jobs, including one day at the weekend, reduced my outgoings and saved up all the money. It was very tough, but well worth it in the long run.
@Richard
As first time buyers in Flanders we paid exactly 12% over the buying price to cover Notaris fees, mortgage fees and all the other odds and ends.
The amount does vary according to where you buy but, realistically, 17.5% is way over the top.
If you are buying in Wallonie and the Revenue Cadastre exceeds 745 €, then you will pay 12½ % tax plus the Notarie fees (now plus 21 % TVA) for both the purchase and the mortgage, even as a first time buyer. 17½ % probably is over the top in such circumstances but not by very much.
While you are talking to the Notarie you should also ask whether you need to make a will.
After we spent one year trying to find a bank which will finance us 120%, we finally took a short-term loan for the charges and all the banks now are ready to finance us 100% purchase price.
At the time Record bank and ING offered us 120% purchase price but with interest rates which were far away from the market rates.
13% additionally to the price of the house are enough in Flanders: 11% taxes + notary charges and 2% full mortgage inscription. In Brussels and Walonia it should be around 15% for all the costs.
And the banks are not at all chasing the EU officials in order to give them 120% purchase price! They did it in 2010 and before, but not anymore.
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