Under what conditions can I buy a property?

We answer these and many other questions in our video blog episodes.

Here is the transcript of episode 2 to read through:
Of course, there are a few basic requirements when buying a property.  

If in the past you never paid your bills, the bailiff was always visiting or your credit score doesn't look good, then buying a property won't work out for you. However, if in the past you have handled your money properly and ensured that your bills were always paid on time, then the banks will react very positively and will be more than happy to support you in purchasing an investment property.

The prerequisite for you to take part is having permanent employment. Furthermore, you should not be in your probationary period. However, banks will finance an investment property during a probationary period if you moved seamlessly from your previous job to the new one, as this is usually considered a career step up. This is viewed positively, and the banks will then also support you with financing.

In short, this means for you: you need a permanent employment contract. If you have moved jobs without a break, it even works during the probationary period. Your credit rating (Schufa) must be clean. You are, of course, allowed to have a lease or instalment loan, as these are all positive credit bureau entries. It's just that your credit record must not show any negative flags indicating that the bailiff is at your door every month because of unpaid mobile phone bills. If that's the case, you've disqualified yourself and cannot buy a property.

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Keywords:
Credit bureau check, permanent employment, probationary period, fixed-term employment contract, instalment loan, leasing, property financing, property purchase, creditworthiness