Mortgage amount

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Ton W
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Joined: Sat Feb 24, 2007 10:45 pm
Location: Helsinki

Mortgage amount

Post by Ton W » Tue Nov 20, 2007 8:55 am

Hello all,

In a previous subject I was asking about building or buying a house and there where some very logic answers from you colleque forummembers that it is smarter to buy first a house.
Now I have a different question. In Holland the amount what you can borrow is about 4,5-5 times your gross income.
When we want to buy a house in Finland with 0% own money what will be the maximum here for us when my girlfriend and me have together a gross income off about 55-60k Euros and what will be the monthly pay for that amount about?
I know we have to ask the offers from different banks but we are just in the orrientation face of the proces.

Greetings,

Ton


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Mortgage amount

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Rosamunda
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Post by Rosamunda » Tue Nov 20, 2007 9:11 am

Have you used the search engine on this forum. I think there have been posts on this in the past and you might find some answers to your questions.
Try using "mortgage" "loan" etc and see what you come up with.

The banks have become more flexible, eg on the length of the loan so you can find 20-30 year mortgages and longer. That reduces the monthl repayments. OTOH the interest rates are variable and could go up.... so if you are paying a lot of interest on along term loan and the rate goes up then that will seriously impact your cash flow.

The banks are the best places to get advice. Try several. Some are nicer to foreigners than others.
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bm50
AKA cockney
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Location: Helsinki

Post by bm50 » Tue Nov 20, 2007 10:06 am

Ton,
What happened to the 200k you had to build your house? can't you use that?
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Ton W
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Location: Helsinki

Post by Ton W » Tue Nov 20, 2007 10:27 am

Moi bm50,

Yes that was a estimation what we where thinking to use but ofcourse without bank we don't know for sure. What you think we can do for the amount of 55-60k a year?

Greetings
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Sara
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Location: Vantaa

Post by Sara » Tue Nov 20, 2007 10:30 am

Your best bet is to contact the banks and see what they offer you. That way you know for sure what your situation is and you can start to look at places in your price range :D
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sinikettu
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Re: Mortgage amount

Post by sinikettu » Tue Nov 20, 2007 11:45 am

Ton W wrote:Hello all,
we want to buy a house in Finland with 0% own money
Ton
Unless you have been a customer of the bank for some time and been able to show reliable control of your funds....this is not very likely...
People do not become more irritable as they grow old - they simply stop making the effort to avoid annoying others.
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raamv
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Post by raamv » Tue Nov 20, 2007 11:46 am

Every bank and their branches have different criteria to evaluate and offer a person( along with their spouse/partner) a housing loan. That amount depends on your combined individual salary along with the debts that you both currently have and finally the number as seen as trustworthy to give you both is done by the loan officer..
As for the 0% down, you will have to run to different branches of the same or different bank to achieve that goal.. Even so, you need to have someone act as a "Guarantor" for your loan ( as in if you default, they are scr*wed) and maybe provide some financial assets of theirs to back your loan. This varies from branch to branch..and if you are lucky, you can do this..
meaning, that they ll give you a 0 money down UPTO a certain amount and if you want more for the loan , you need a guarantor with or without an asset to go with that..
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Rosamunda
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Post by Rosamunda » Tue Nov 20, 2007 12:41 pm

But as property price increases cool off I think it will be harder and harder to get a 100% loan.

It all depends on your personal circumstances. Talk to the banks.
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rinso
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Post by rinso » Tue Nov 20, 2007 1:10 pm

It also depends on the location of the property and the type. When the building/location is considered a risk (= difficult to sell) They might not go higher as 60%.
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cwcnow
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Location: Tampere

Post by cwcnow » Tue Nov 20, 2007 3:45 pm

Sara wrote:Your best bet is to contact the banks and see what they offer you. That way you know for sure what your situation is and you can start to look at places in your price range :D
I was thinking the same thing. In fact, if you use online banking, your bank should be able to provide a loan calculator to help out...
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Paul_D
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Re: Mortgage amount

Post by Paul_D » Tue Nov 20, 2007 4:40 pm

Ton W wrote:Now I have a different question.
Use the search page of this forum. Please.

I am nice, I have used it for you, and as you can see below, there should be answers to your questions, and more. If you use the search function yourself, you'll get more answers.

Getting a loan
Buying a flat in Finland
Home loan => Lower income tax?
Euro Bor Linked loans
Bank requirements for mortgage application.
HELP! Loan with 0% initial downpayment?
Want to buy a house, but a bit lost.
Bank loans
Shopping for a mortgage
State garantees for loans
Difference in Housing Loan through Asokodit and bank
"crazy" loan guarantee
Loan shared by spouses (or not?)
Is it possible to get 100% loan for buying a new apartment?
Eurobor vs. Prime
Obtaining a Mortgage in Finland
House buying and loans
Fixed loan?
M-price vs. V-price
Bank Mortgages & Buying house... Questions...

And I have found the following message in one of these discussion threads :lol:
Somehow, could there be a sticky with the most pertinent discussions about loans and buying a house... It would not need to be updated, it could just be a worthy sticky to point for people who ask questions about loan and buying a house, without having used the search function first.

/Paul
L'équivalent francais de ce forum: http://www.salutfinlande.net/
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