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Am I completely bound with long interest rate commitments?

With real estate financing, it is common to secure a fixed interest rate for a fixed period, usually as long as possible. But what if circumstances change during this time and you want to react to this development? Learn in this article how to get out of an existing loan agreement with a long fixed interest rate.

Zinsbindung Immobilienkredit
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There are usually two reasons for no longer wanting to be tied to an existing real estate financing with a long fixed interest rate period and to want to cancel it completely or at least partially:

1. you now have sufficient equity available, for example after an inheritance, to repay the loan in full or on a pro rata basis.

2. you have found alternative financing with more attractive conditions than your existing one and would like to reschedule.

Your optimal consultation

Regardless of the reason why you no longer want to hold on to a real estate financing with a high fixed-interest period, under certain conditions the special right of termination pursuant to Section 489 of the German Civil Code (BGB) offers an opportunity to terminate the debt relationship prematurely.

Sabine Krauss
Finance-Expert of FIBA ImmoHyp

Special right of termination pursuant to Section 489 of the German Civil Code (BGB)

In view of the historically low interest rates, now is a good time to replace an existing loan with more favorable follow-up financing. If you took out your financing ten years ago, you can do so free of charge.

This is because if you have concluded a loan agreement with a fixed interest rate and a fixed interest period of ten years or more, you have a special right of termination under section 489 of the German Civil Code (BGB). After ten years have elapsed, you can cancel and terminate the concluded contract free of charge either in full or in part. However, when doing so, take into account the applicable notice period of six months.

The ten-year period begins to run one day after the loan has been paid out in full. The duration of the remaining fixed interest period is irrelevant for the termination after the first ten years have expired.

However, the termination of the real estate financing in accordance with Section 489 of the German Civil Code (BGB) only becomes effective if you have settled the outstanding loan amount within two weeks. So, when you are considering follow-up financing, make sure that the funds are also available to you on time. We will be happy to help you plan a debt restructuring, terminate your existing financing and conclude the new one. We will advise you independently of banks on the choice of follow-up financing and take care of the bureaucratic work and the entire process.

The savings from a more favorable follow-up financing can be enormous. Therefore, it is always worthwhile to compare offers and to reschedule.


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