When do my mortgage payments start?

In Germany, you start repaying your mortgage when the entire loan amount has been disbursed. If you are buying a new build, the payments are typically made over seven installments, from start to completion according to the progress of the construction. You will start paying interest from the day and to the extend the loan amount is disbursed. As the first part of the costs will typically be paid out of your own savings, this may only start with the second installment. From the day the notary passes the contract you will start receiving the first invoices - first the real estate broker, then the property transfer tax, then the notary, followed by the first installment. Typically, each installment will require you to send a purchase order to the lender, who then disburses the installment one payment at a time.

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