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Euro am Sonntag gives advice: Financing: Can I terminate my construction loan early? | message


by Simone Gröneweg, Euro am Sonntag

I signed a forward loan in 2010. The fixed interest rate runs until 2023. Can I cancel this year? After all, the contract was signed ten years ago.


Private borrowers enjoy for mortgage lending under Section 489
Civil code a special right of termination. Ten years after the loan was paid out
you can cancel with six months’ notice, regardless of how long the fixed interest rate is
still lasts. The bank is not allowed to charge a prepayment penalty.
There is a special feature with so-called
Forward loan. With these special loans
go property owners before the expiry of the
actual interest rate fixation a follow-up financing. If the interest rate rises in the meantime,
the customer is happy. If interest rates fall, you benefit
the bench.

Another advantage can result from the right of termination. “In the case of a forward loan, the time until a possible special termination may already run from the contract agreement,” says Hartmut Schwarz from the Bremen consumer center. He refers to the judgments of the Regional Court of Bochum (September 14, 2015, Az. I-1 O 68/15) and the Munich Higher Regional Court (April 24, 2017, Az. 19 U 4269/16). Prerequisite: The forward loan was taken out with the previous lender.

In addition, there must have been no change in the right to use capital. “The borrower
has only extended the old remaining debt and not taken on additional capital, “emphasized
Black. For example, if a property owner were to arrange follow-up financing with a forward loan from the same bank three years in advance, he would have it after ten years
the right to special termination.


Image sources: travellight /, Romolo Tavani / iStock

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