Recognize incorrect cancellation policy of the bank
The right of withdrawal and a written explanation about it are an elementary part of the consumer protection. Since 2002, banks have also been obliged to carry out such revocation policies for real estate financing. In the implementation, but has done almost every bank rough blunder. As a result, the majority of old mortgage loans are still revocable years after they have been concluded. You can then re-lock the loan at currently favorable interest rates and save cash, even sometimes receive a repayment. You are also entitled to a prepayment penalty that has already been paid. Here you can read more about it.
All construction loans from November 2002 on the test
If you have taken out real estate financing after November 1, 2002, it is worth considering your contracts exactly. Consumer Centers or our financial professionals will help you. Even a word-exact comparison with a sample instruction reveals errors immediately. From the key date 01. November 2002 each mortgage loan must contain a legally correct cancellation policy. The clauses formulated by the banks rarely hold up to exact legal scrutiny and even the textual patterns of the legislature have already been challenged in court.
The consequences of a faulty cancellation
In the case of a faulty cancellation policy, the actual, usually long-term withdrawal period of 14 days has never legally commenced. So you can revoke your contract even years after the signature and refinance with the currently favorable interest rates. If you have completed a real estate financing early and had to pay thousands of euros in prepayment penalty, you can also reclaim them after a revocation. If the old loan is reversed after the cancellation, you can also expect a further refund.
A fitting example of a loan
Here we show you what savings are possible only through the new regulation of loan interest. If you have a remaining debt of € 100,000 with an interest rate of 4.5 percent, a five-year residual term and a monthly installment of € 800, you will be forfeiting your remaining debt by an additional € 10,000 over the next five years if you cancel today at 2.5 Refinance percent. Always use the saved interest on higher repayments and become faster debt-free!
You must do this if you recognize a wrong cancellation policy
Despite many pertinent judgments, any erroneous cancellation policy is a new case that you yourself still have to assert. If the verification of your cancellation policy has resulted in errors, contact your bank. It will not be thrilled by nature, but stay tough and get help from a lawyer if necessary. However, you should also look for new, low-cost financing at an early stage or let our financial professionals submit you a non-binding offer. The new financing over the current remaining debt amount should already be secured, because if your withdrawal is accepted, you have only one month to transfer the amount to your old bank.