“Since Brexit we only finance such cases on a very limited basis.”
The couple heard this sentence as early as their first meeting with a bank.
Information
In fact, everything had fitted together perfectly.
He was a British citizen and had run the European sales organisation of an international medical-technology company in London for many years.
His wife was a German citizen and worked entirely from home for a German software maker.
After the birth of their second child, they decided to move to Germany for good.
A detached house on the outskirts of Cologne had already been found.
The purchase contract was to be signed two weeks later.
Then came the first rejection.
Brexit suddenly played a bigger role than expected
Before the United Kingdom left the European Union, comparable financings would have been routine for many banks.
Now several lenders asked additional questions.
How long was the residence permit valid?
When would the centre of life actually move to Germany?
Would the income remain in the United Kingdom in future?
Which tax law applies after the move?
How does the employment relationship develop after relocation?
For the family this was surprising.
After all, they were not financing a complicated investment.
Just a home.
The property
After almost a year of searching, the family had found a modern detached house.
A quiet residential location.
A large garden.
Short distances to school.
The key figures:
- Purchase price: 782,000 euros
- Equity: 242,000 euros
- Financing required: 598,000 euros
The monthly instalment was even lower than their previous housing costs in London.
Even so, the banks kept asking for new documents.
The real challenge
It was not creditworthiness that caused difficulties.
Nor income.
The uncertainty arose from the impending change in the centre of life.
Some of the banks wanted to wait until the family had actually moved to Germany.
The problem:
By then the property would long since have been sold.
The analysis
Together, the entire future plan was documented first.
This included:
- the new residence
- the wife's German employment contract
- the continuation of the husband's employment
- the planned tax situation
- proof of equity
- a household budget
- evidence of sufficient liquidity reserves
Only through this did a complete picture emerge for the bank.
The solution
Instead of approaching banks that only occasionally handle international relocations, a financing partner was deliberately selected that regularly handles cross-border changes of residence.
All the particulars were explained before submission.
This did away with many follow-up questions.
After barely two weeks the financing commitment was in place.
The purchase contract could be signed as planned.
What this case shows
Since Brexit the requirements at some banks have changed.
However, this by no means means that British nationals or families with a link to the United Kingdom cannot finance a property in Germany.
What is decisive is to present the future life and income situation in a comprehensible way and to select the right financing partner.
Frequently asked questions
Can British nationals finance property in Germany after Brexit?
Is Brexit automatically a disadvantage?
Does the move already have to have happened?
Can income from the United Kingdom be taken into account?
Can owner-occupied detached houses be financed too?
Conclusion
This case shows that international CVs are assessed more thoughtfully today than a few years ago.
Brexit has changed the requirements of individual banks, but not the fundamental possibility of financing home ownership in Germany.
Anyone who presents their personal situation transparently and relies on a financing partner with experience in international constellations can realise the dream of a home in Germany even after Brexit.
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