Hello dear forum,
We are about to finalize our financing.
However, it seems that the kitchen will likely not be accepted.
Is this different from bank to bank?
We would like to include it in the main loan.
What options are available? Are there any at all?
I hope you can help.
Best regards
Steffen
We are about to finalize our financing.
However, it seems that the kitchen will likely not be accepted.
Is this different from bank to bank?
We would like to include it in the main loan.
What options are available? Are there any at all?
I hope you can help.
Best regards
Steffen
C
chand198626 Jul 2020 08:21dynaudio79 schrieb:
Financing is not fully utilized. There is still room.If that’s the case, then keep more equity reserved, get a larger loan on the same terms as before, and use the extra money you then have IN TOTAL to simply pay for the kitchen.
dynaudio79 schrieb:
Thanks for the information.
Is this recent or from some time ago? Completed in February 2021. 30,000 for furniture. Total loan 620,000. It wasn’t an issue and didn’t affect the interest rate any differently than if we had borrowed the money for drywall or another trade.
H
HilfeHilfe26 Jul 2020 08:27Bautitus schrieb:
Completed in February 2021. 30,000 for furniture. Total loan 620,000. It wasn’t a problem and didn’t affect the interest rate any differently than if we had borrowed the money for drywall or another trade.What was the pure construction cost excluding the kitchen?T
T_im_Norden26 Jul 2020 08:54dynaudio79 schrieb:
The financing is not maxed out. There is still room. So that’s not the issue. Otherwise, there wouldn’t be any who don’t have a problem with it. Such cases do exist. However, they are not attractive in terms of interest rates. Some banks accept furniture and kitchens as part of the financing, others do not.
You can tell that your financing is at a limit because the banks that don’t have a problem with it offer you a higher interest rate.
N
nordanney26 Jul 2020 09:11dynaudio79 schrieb:
So, you’re saying clearly that my kitchen issue must only be related to an excessively high loan-to-value ratio, and not because the bank considers a kitchen as non-essential?Yep. Keep it simple – go to the broker, don’t mention the kitchen, use your equity for the kitchen, increase the financing. The result will be what you want without any argument.At least, that’s how I calmly got my available funds. And we regularly finance clients whose sole purpose is “raising capital” (with existing properties).
nordanney schrieb:
Yep. Just keep it simple – go to the broker, don’t mention the kitchen, use your equity for the kitchen, increase the loan amount. The result will be exactly what you want with no arguments.
At least, I calmly received my available funds that way. And we ourselves finance plenty of clients whose sole purpose is “capital acquisition” (with existing properties). Let me ask directly. What about ING? It’s our main bank and currently our favorite with 1.1% interest (about 75% financing; 20-year fixed rate). From your experience, is it a problem if someone can’t document, say, €20,000?