German Mortgage

Stories by LoanLink: David and Katherine’s mortgage experience

Meet David and Katherine, a British couple who just got married last year. As they had already been working in Germany as expats for two years, they decided to buy their first home. In Germany, they found that property prices quite affordable compared to London. However, when they started the property buying process, they came across many challenges that they had not anticipated. Read on to learn more about David and Katherine’s mortgage experience below.

mortgage experience LoanLink

Finding the right property

We were already quite familiar with the German real estate market, since we’ve been living here for quite some time. Buying a flat in Frankfurt was, naturally, to live in. But it also seemed to be a good investment opportunity given the rising property prices.

So, we started to do some research on www.immobilienscou24.de and www.immowelt.de. We also contacted the local estate agent who had helped us find a flat to rent in the first place.

The house viewings were quite tricky. We can’t speak more than very basic German. And the agents were not comfortable speaking English. Even so, we did manage to identify some lovely flats in our favourite boroughs.

We went to the property twice altogether. The property was still under construction but it ticked all boxes: location, size, view and number of bedrooms.

The price was the average price per square meter in that borough so we didn’t actually negotiate about price at all. Frankly, I didn’t know if negotiation was a common practice in Germany.

When we expressed our interest, the agent asked if we had already got a mortgage pre-approval. This seemed to be a prerequisite when it came to reserving the flat. 

Our mortgage experience

Suddenly, getting a mortgage was the major hurdle keeping us from buying the perfect home. I did some research on what rates we could get. And I assumed that it would be fairly straightforward for well-educated individuals like us.

I could not have been more mistaken. First off, being a non-native German speaker limited the scope of lenders significantly. Most local brokers couldn’t speak English and there were German documents available only. And regardless of the language barrier, the process was extremely complex and plain stressful. Getting an appointment with a German bank was also more difficult than I thought. 

How LoanLink helped

The communication with LoanLink was absolutely straightforward. We found the website after doing some online research. After reading some customer reviews online, we decided to give it a go. We first checked their affordability calculator to make sure we could comfortably afford the apartment. After that, we completed an online questionnaire. Then we received several possible mortgage options within minutes. Since we had to secure the apartment as soon as possible, we scheduled a call with them right away.

The mortgage expert asked some further questions to get a better idea of our situation, and to understand what we were looking for. LoanLink provided us with financing options from different lenders. And each comes with different fixed terms, which added a great mortgage experience. I didn’t know you can fix your mortgage rate for up to 30 years. The mortgage advisor patiently explained all the terms, benefits and risks of each mortgage options thoroughly. He didn’t use jargon we didn’t understand. Also, he was always available to answer my questions and address my concerns. 

After we made some changes, we found an optimal monthly rate. We wanted to feel comfortable with both the rate and the remainder of debt at the end of the runtime. Once we did, we decided to apply. The lender with the best rate was actually a local bank. Thanks to our dedicated mortgage advisor, getting all the required documents was a lot easier than we’d anticipated. And once we had submitted the application, our advisor took care of all the communication with the lender on our behalf. We received our financing confirmation just five days later. 

Surprisingly, their service didn’t stop there. Our advisor even helped us find an English-speaking notary service. And this has lifted another burden off our shoulders.

What’s your mortgage advice for other non-German residents?

In a nutshell, once you make the decision to go for one property, you have to act fast in order to secure the property. And it’s also quite overwhelming to deal with so many parties at the same time. The involved parties include the real estate agent, house builder, broker, lender, solicitors and the notary. This comes with a lot of pressure.

It can be very stressful but you should still try to have sufficient time to think, compare and adjust. Don’t ever let anybody push you to get the deal through!

Buying a property in Germany is significantly different than in the UK. For instance, we paid 12% of the purchase price for stamp duty, real estate tax and real estate agent fees. These are basically sunk costs for which you won’t get back when you decide to sell the property.

Getting a mortgage is the most significant financial commitment that most of us will ever make. It can be time-consuming to find the right mortgage deal. It’s completely worth it to compare options from different lenders. It’s also equally important to consult an independent mortgage broker. Their independence from banks will more likely guarantee that you get a mortgage rate that best fits your needs. I have absolutely no reservations recommending LoanLink.


Our LoanLink mortgage advisors are happy to answer any questions. Our goal is to help you find the best loan and share our mortgage experience.

We are happy to answer any questions. Via email at service@loanlink24.com or by phone 0800 05 28000. You can also start with the LoanLink mortgage illustrator here:

Got a question about the getting a mortgage with an EU Blue Card? Want to learn more about home purchase process for non-German resident in Germany? Contact us!

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