2016-11-11 | 70% Mortgages Now Available to International Buyers in Berlin via Black Label Properties
70% Mortgages Now Available to International Buyers in Berlin via Black Label Properties
Black Label Properties is pleased to announce it can now finance international clients in-house for mortgages of up to 70% rather than the standard 54% loan which has been the norm in Berlin for many years.
Here are the highlights of the new lender, only accessible to buyers via Black Label Properties:
- All investors potentially qualify for the new mortgage, apart from those resident in an EU country without the euro as its main currency. Each application will be assessed on a case-by-case decision.
- The maximum mortgage total is 70% of the purchase price, the minimum mortgage total is 50,000 EUR; if the lender cannot provide the amount applied for, they will not immediately reject the application but may offer a lower amount.
- Development projects can be financed.
- Mortgages for German companies with foreign owners are possible, and even preferred.
- Copies of the following documents should be provided: last two tax assessment notices, three recent payslips and the last one of the fiscal year, passport (and residential registration certificate), proof of the means to be used for an immediate down payment, i.e. purchase price + purchase costs / mortgage total (by providing a copy of your bank account, savings account or deposit). A completed and signed self-assessment form. Proof of pension right – public and private, is also helpful.
- English documents may be accepted without translation. All other foreign language documents will require translation by a certified translator, which Black Label can organise for you for a fair price.
- The current timeline for a decision on your application is about 3 weeks.
Martin Bonnet, Finance Broker, Black Label Properties said: “I am always looking for new possibilities and we now have a lender who is offering mortgages of up to 70% to international buyers. This is for a minimum loan of 50k EUR with a 2% interest rate, depending on the loan to value, for a 10-year fixed term or longer. The lender will consider all applications on a case-by-case basis with a time period of 3 weeks once documents have been submitted.
“The features of the property are the most relevant part – such as yield, state and location. International buyers should consider the central districts such as Mitte, Prenzlauer Berg, Friedrichshain and Pankow. Wedding and Neukolln are also key areas as there has been high development over the past year. It is also possible to get a mortgage of up to 90%, for investors in apartment blocks in the same building if bought through a German company”.
“The advantage of using Black Label Properties is that we are multilingual and used to dealing with clients from all over the world, so we can manage the whole process for you. If you try to arrange a mortgage on your own the chances are you will fail, so it’s always best to go through a good agent. So far, feedback from clients has been very positive.”
Achim Amann, Co-owner, Black Label Properties said: “This is big news for us as it affects most of our clients. We are one of the few agents who offer in-house finance brokerage for international clients looking to move to Berlin.”