Right to revoke the construction loan

Right of withdrawal Now you should take care of your building loan.

Right of withdrawal Now you should take care of your building loan.

Withdrawal: Take care of your building loan now. The so-called Revokation Joker wants to lift the coalition.

Politicians apparently aim to protect banks from consumers and not, as appropriate, vice versa, “says lawyer Mathias Corzelius of Spa Lawyers. “The stock markets make a mistake due to sheer folly, and now the right of revocation is withdrawn”, says Alexander Consile of the consumer center Hamburg.

The reason for the harsh formulations is the intended repeal of the “infinite right of withdrawal”. In an estimated 70 percentage points of the loan agreements concluded between autumn 2002 and mid-summer 2010, the credit institutions gave incorrect or incomplete information on the right of withdrawal. So far, these customers have been able to terminate their current loan agreement at any time and free of charge. In 2008, the ten-year building savings cost more than five percentage points; According to data provider Biallo, the average interest rate today is 1.50 percentage points.

As a review of the law firm Bau, Reiter & Colleagues, which cooperates with the owner community Haus & Grunds, the probability of a hit from case to case varies. According to that, more than 80 percentage points of the direct bank ING Diba contracts are wrong, but only about 30 percentage points have German banks. Depending on the exact transaction time, the revocation policy of the same institution may also be incorrect or correct.

Various law firms and interest groups provide a free contract review in expectation of later legal representation. In the last three years alone, the consumer protection center in Hamburg, whose appraisers have audited 41,000 orders, has charged EUR 70. “It is not necessarily a question of getting out of the contract, but to cut interest rates significantly,” says Roland Mkse, initiators of the “community of interest Breitruf”.

An agreement with the own house bank should therefore always be the concern of the client – especially since there is no legal protection insurance that covers the legal disputes. ING Diba is reacting rather quickly with a compromise offer, especially for the contracts concluded between 2007 and 2010 – at least if the customer is informed with legal assistance about the wrong termination instructions.

Currently, the house bank usually offers an interest rate of around two percentage points for a period of ten years. Commerfial, Germany and DSL Landesbank are, however, not ready to agree out of court, said Mkse. “Banks like to refer to the particular case that needs to be investigated, and the customer is often tied to the moral front finger.

Loan at bank

Loan at bank

The two parties had signed the contract to the conditions then prevailing at the time – and only because the interest rates on the capital market had fallen sharply since, they suddenly moved the revocation joker. For many customers, this means nothing more than a consistent rejection reason. In view of the approaching end of the “perpetual right of revocation” in July of this year – unless there is a surprising turnaround in the further legislative process – many banks are likely to be even less willing to compromise next week than before.

“Anyone who has concluded a loan agreement until 2007, should rather rely on the statutory notice period,” says consumer protection Consile. Every borrower can withdraw his mortgage after ten years, without the principal bank being entitled to compensation. If the ten years are over in the next few weeks, it usually makes no sense in practice to point out any errors in the revocation instructions, says the supplier.

In any case, Consile advises such debtors to take a stress-free route: “Then the consumer can easily cancel and ask for a favorable follow-up financing.