It is normal to get a mortgage that takes 30 years to pay off. The cheapest appartments i have seen are 85.000 euro and stripped bare, so you will have quite extensive construction costs. 120.000 euro is usually called a very cheap house.
I checked on a bankwebsite how much mortgage I could get and by lying about my studentloan i could get 90.000 euro. Lying about my studentloan in reality would be impossible. Fun sidenote: When i started studying I was promised that my student loan wouldn't influence my chances for a mortgage.
Missing too many payments not only means the bank takes back the house but leaves you with massive debt on top of that.
You could declare yourself bankrupt but around here that doesn't mean you lose your creditrating in exchange for getting rid of your debt like it does in sane countries.
No, it means the debts keep existing but you just won't be expected to pay them off (for a while) and a government curator takes control of your life: Your mail is redirected to this curator, all your income goes into his care, he sells all your valuables, and you get a minimal allowance from him.
Interesting sidenote: The Judge usually doesn't allow a Bankruptcy to occur if you have no assets and limited income, in that case you can just resign to having your creditors taking a big chunk out of your paycheck.
So I think i won't be buying even though it is by far more affordable than renting.
Speaking of renting...
You can get on a 7 year waiting list for subsidized living where refusing 3 offered houses means you go back to the bottom of the list. As you can imagine this doesn't give you a lot of choice about where you live.
Or you can get a 'free sector' house.The prices for these start at 700 euro a month. This is what i am doing now. Of course they are very difficult when two men want to rent a house together (I couldn't afford one on my own so i pooled my resources with a friend) so we had to get a registered partnership, this is legally equal to marriage. To get a house I can still barely afford.
My father is the second man in a municipal political party and he told me about one of their plans to build many tiny affordable houses. I hope this happens soon because i can´t stand wasting 40% of my income on 4 walls and a roof much longer. I know that will still mean I have to get one of those evil dutch mortgages but if the payments are affordable enough I don't expect to run into any trouble even if i lose my job.
There is not enough mirth here to call it horrormirth from my perspective but i imagine others can laugh about this.