My girlfriend and I are buying an apartment with the help of a government subsidised loan and we've hit a snag. We've found the apartment, it's amazing, we've settled on the price and we've checked our credit score with the bank. Our credit score is good enough for the agreed price and everything was supposed to be OK. We started the procedure, signed the pre-contract, made the down payment and handed all the paperwork to the bank.
This was when we discovered the fine print, the bank sends their assessment agent to evaluate the property and they only pay out enough to cover their assessment. The buyer has to cover the rest from their own pocket by the payment date, which could be in a month or two. Not a lot of time to come up with an additional €8300 after making the down payment.
Our families were quick to aid us, within their means, and gave us our moving-in gift early of around €4000. The remaining €4300 is going to be tough to come by and we'll most likely have to take out another non-purpose loan of 10 years which is, to put it lightly, not ideal :(
Until the payment date, we are tightening our belts and stressing. We want to start living together as soon as possible, but now we are saving every penny and hoping the payment date gets pushed back as much as possible. We would appreciate every euro and it would help us reduce the additional loan we'll have to take. Your coffee is our future coffee :)