Many homeowners are still paying high interest during construction. With a little luck, you can get out of the contracts.
The low-interest rates, affecting more and more areas of our lives, now radiate even from the past. What kind of sounds like a bad Hollywood movie, can save farmers a lot of money home: Not only for current savings and construction loans interest rates fall further and further. Even financial transactions of the past that were not agreed upon with high-interest rates are now changed or reversed in part.
Hundreds of cases dealing with the German courts. fight, on the one hand, credit institutions such as Sparkasse Ulm to be allowed to resolve long-running savings plans ahead of time with high-interest rates. it is not much different in many building societies, certain old savings contracts with high credit interest will terminate prematurely now. countless struggling homeowners on the other side to be allowed to finally roll over their old expensive construction loans.
A few years ago we finally had to pay for a mortgage four or five percent interest a year. Meanwhile, many rich 1.7 percent. Who would not roll over there?
Is not that simple. Who wants to repay a mortgage early, does it actually the consent of the bank. The usually requires a so-called prepayment penalty – a fee that makes it roll over to the customer in most cases uninteresting.
However, there is a legal trick, how to do it anyway. “There is a lever to come out with the borrower under certain circumstances from the old credit agreement,” says Armin choice Maier, a lawyer specializing in banking and capital market law in Baden-Württemberg Eislingen. “This is the erroneous cancellation of the bank.” There is also talk of “revocation Joker”.
The financial question: the low lending rates can be a trap
What do you mean by that? Since 2002, contracts for mortgage loans to consumers in Germany must include a so-called withdrawal, which states exactly how to withdraw from this credit agreement. The text of this declaration must meet certain formal requirements. This is not the case in practice often. In many credit contracts, the withdrawal statements contain formulations that make them vulnerable. “For credit contracts from 2002 to 2009, the contracts are according to our experience in more than 90 percent of significant errors,” says Maier choice. “From 2010, the errors in the contracts were rare.”
Who now its expensive real estate lending going on and wants to benefit from a more favorable, can get that right: he can exploit the mistake and cancel the old credit agreement. This based on the fact that a kind of eternal Withdrawal is derived from a faulty withdrawal. Legally, this is all quite controversial. Munich law professor Mathias Habersack example believes that this is a form of abuse of the right of withdrawal. He argues who had served his credit for years, can not suddenly insist on formal errors.
However, practice shows that the courts in individual cases, times and times to decide: The chances of borrowers are apparently not bad. but especially so can some bank not even going to come to the proceedings – but before that willing to compromise in the interest rate.