There are many particularities regarding mortgages in Germany.
Several requirements need to be fulfilled to qualify; they differ from employees to self-employed and freelancers. Unfortunately, each lender has its own set of criteria which makes qualification a difficult process. But there are general guidelines and specific required documents. These documents have to be provided to the lender in German language.
German self-disclosure questionnaire property assessment proof of employment (2–12 months of payslips) freelancers must provide additional proof of income and net worth including two years of balance sheets, business, and economic evaluation, and prior year’s tax returns latest tax returns proof of available equity to cover the purchase fees Extract from the Land Register for the previous six weeks
In addition, foreign buyers will need to provide copies of their passports and, in some cases, a residency permit. Of importance is also the disposable income which is calculated by taking the monthly net income and deducting all recurring fixed costs, like insurance, rent, etc. For average incomes, a general rule of thumb is that the mortgage monthly payments cannot exceed …
