Real Estate Loans: The revocation Joker is back
When my real estate loans be terminated?
The legislature has pushed forward the so-called withdrawal Joker in real estate loans in 2016 a tie. But now believe lawyers to have discovered in contracts ING-Diba a gap.
The German mortgage lender does not come to rest. The still record low-interest rates lure for debt consolidation. In recent years, many borrowers had therefore revoked Old contracts to complete new, cheaper loans. It usually went to drafting error in the cancellation policy, which still allowed the revocation of the contract, even years later. This so-called “withdrawal Joker” pushed the legislature last year before a stop.
Now the “interest group (IG) Revocation” believes he has found formal errors, in many loan contracts of direct bank ING-Diba, which should make the unlimited withdrawal possible again. The contracts in question were not covered by the law, as it applies only to mortgages that were completed before June 10 of 2010.
Several thousand Euro savings possible
In the relevant contracts of the subsidiary of the Dutch financial services company ING Groep compulsory indication of the contract period lacking, say the cooperation of the lawyer’s syndicate. “What is meant is that the bank must let the customer know how long it would run the loan until it was fully repaid under the conditions of the contract, so the selected initial eradication and the selected interest rate,” says Roland Klaus, spokesman for the IG.
Although Klaus admits that this is usually only “a theoretical statement”. Because after the end of the mortgage term, the loans usually are not repaid. Interest and, if repayment amount to be re-established so that the repayment term changes. However, the repayment term will give the consumer an important information, how long might accompany him his mortgage.
At an initial repayment of one percent, the duration amounts to about 35 years, which goes far beyond the fixed-interest periods of usually 5 to 15 years out. The duration of the fixed interest rate is mentioned in the ING-Diba contracts, but this is just not the loan term. Since it is at this constituted a compulsory, the withdrawal period of the loan of usually 14 days does not start, and so the old contracts are still revocable today. With an average loan rate of around four percent for loans made between 2010 and 2012, a saving of several thousand Euros was possible.
ING-Diba does not feel guilty
The interest group has suit willing borrowers and equal support. It offers not only a free exam but also financial assistance, especially in the event that no legal expenses insurance exists or does not inherit the costs. Bank customers could make on the community of interest, a conversion of cancellation on a contingent fee basis. This generally amounts to 25 to 40 percent. Although it was expensive, there are also for the client no risk of loss.
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ING-Diba rejects the accusations. The separate sample had shown that this was not right so sweeping. “The closed during the period from June 2010 real estate loan contracts contain all the necessary pre-contractual information requirements,” said a company spokeswoman. It will, however, examine any withdrawal Sans interior, to evaluate this is justified in individual cases.
Significantly more real estate loans
In the past, the ING-Diba has shown a willingness to compromise in terms of the right of withdrawal in completed contracts before 2010, says Klaus. Even with the now affected contracts, they had already made some comparisons of the submission of complaints. By ING-Diba states that it was indeed come with contracts from 2010 in isolated cases to compare. but one can not make sweeping statements on what basis it had been concluded.
ING-Diba is one of the major German Baufinanzierern. Now they lead around 850,000 mortgage accounts with at least one each loan and a total volume of 67.7 billion euros. In a committed new business of more than 35 billion euros, the inventory volume of real estate loans increased in the years 2010 to 2014 by almost 16 billion euros.