Building loan is low as rare. Many would, therefore, like to trade in their old home loan with a new one. This is not easy – but there are a few tricks.
Many homeowners rankle the enormous: The interest rates are incredibly low right now – yet you, if you took out a construction loan years ago, pay, on the old high-interest rates. You can be almost twice as high as for new at ten-year-old contracts. No wonder that many people would like to exchange their old construction loan for a new, more favorable.
The crucial question is: How to get out of the old contracts? Easy is not. Unlike installment loans, the bank has an on building loans, the so-called Land Charge loans while the interest rate gap is not let out of the contract if they do not want that.
Entitled to early repayment
But there are exceptions. The has Federal Court held in two landmark decisions (Docket XI ZR 267/96 and 197/96 XI): If someone is selling his house, he must replace his loan early. And if he needs a supplementary financing, so the money but not provide an additional loan, the bank is available, he comes out.
Sometimes banks can but without legal obligation on a rescheduling: Especially when it comes to good customers who make it clear that they are liable to change the Institute after the end of the fixed interest rate. That is negotiable.
In all three cases, the banks are entitled to a so-called prepayment penalty: You can claim a compensation for the inconvenience that arises upon them by the premature termination of the contract.
“Treaties of 2003 or earlier check”
A small survey of banks has shown that there is at least not all refuse in principle to negotiate with customers over such a resolution. During Although ING-Diba stated not to resolve credit agreements before the expiry of the fixed interest period, it said in a German bank, Commerzbank and Hypo-Vereinsbank on request, it could one talk. The savings banks and cooperative banks there hold the various regional institutions obviously different.
For all but true: Ten years after the loan was fully disbursed, the borrower may terminate it with a notice period of six months without a prepayment penalty is due (Section 489 BGB). “Anyone who has a contract from 2003 or earlier should prove at least,” said Max fall of the Frankfurt financial advice FMH.
What is the prepayment penalty will fail depends on factors including the loan amount, the time to maturity and the interest rate that they paid so far. There are provisions of the Supreme Court but initially, apply only in the event that you sell the house. If you want to get through negotiations under the loan agreement, the bank may require up to twice this value (usury limit). Most banks but not always do that, but stay close to the BGH limit as autumn reports.
Low savings for a term of two years
The amount of the prepayment penalty can be estimated with a Vorfälligkeitsrechner that can be found on the Internet about under www.fmh.de/vfe. An example: Let’s say someone has a loan of 100,000 euros, which runs for two years. So far, he pays 4.5 percent interest. If you type in the Vorfälligkeitsrechner with all kinds of constraints, to get to an early repayment of over 7,500 euros or 7.5 percent of the loan. That a borrower can with only two years of operation save as much through debt restructuring, seems unlikely. However, the bank has room for maneuver – also the early repayment of constraints depends, provided approximately in the loan agreement unscheduled rights. These reduce the amount.
Financial advisor autumn thinks often it is worthwhile for the customer to replace a loan ahead of time if you compare only the interest for the remaining term and the prepayment penalty. but if someone intends yet to agree on a long-term connection credit after the credit, then it is worth sometimes, now prefer to pay the prepayment penalty and secure in this way for 15 or 20 years of low-interest rates.
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In another, more complicated possibility Kai Malte Lippke points, investor protection lawyer in Leipzig. If the bank has made a legal error when the loan agreement is sometimes a debt restructuring without termination penalty. “One way to get out of such an agreement, the revocation may be, if the bank has been no proper cancellation of the contract.”
Since 2 November 2002, the banks are required even with mortgage lending to teach customers about their right of withdrawal. “In my legal practice, I know that nine out of ten Order cancellation is false” claims Lippke.
Determine the leaving practically only with legal counsel. There are serious errors, the borrower can cancel the contract and sue for denial of cancellation. If successful, the loan contract is terminated without the prepayment penalty, and any processing fees must be refunded. The lawyer said: “But this is worth it usually only for loans, for otherwise, a prepayment penalty of more than 10,000 euros would be due.”
Negotiate with the bank on debt restructuring
1. Check the credit agreement. Is there an exit clause? Or more than ten years have passed since the payment of the loan? Then there is a statutory right of termination. Otherwise, you have to negotiate with the bank.
2. Written request. Ask: Would the bank willing to dismiss the credit agreement? And if so, to which prepayment penalty?
Explore the third market. If the bank is in principle prepared to replace the old credit, you can get quotes for a new one. One should look very closely: the exchange really worth?
4. New credit. Before replacing the old credit, you should have a commitment to a new, but still no contract. Otherwise, one has if it goes wrong, in the end perhaps two or none.