With this error you pay thousands more euros more

Two simple tips

These homeowners now save up to 15,000 euros

Homeowners who need a new loan for their property can save thousands of euros with two simple tricks. We show how it works.

Anyone who recorded a real estate loan ten years ago usually had to pay significantly fewer interest than they would have to do today. It is all the more important now to keep the interest costs of follow -up financing as low as possible. Model calculations of the Verivox comparison portal show how homeowners can save over 15,000 euros in the new loan – with two simple tips:

1. You save around 11,100 euros by choosing a particularly favorable offer for the follow -up financing of your expiring construction loan and the increase in the value of your property is taken into account when the loan conclusion.
2. You save another 4,300 euros interest costs in the next ten years through annual special repayments.

In the model calculation, Verivox assumes a construction loan that was completed ten years ago and is now pending for follow -up financing. A residual debt of 216,000 euros is still open. For prolongation, i.e. for the continuation of the financing at the same bank, the previous credit institution makes an interest range of 3.4 percent for homeowners. In the current market environment, this corresponds to a financing offer from the middle price segment.

In most cases, you can reduce your interest costs by switching to another bank for follow -up financing. “Even if the previous credit institution was still favorable ten years ago, other providers are very likely to offer better conditions in the current market environment,” says Verivox Managing Director Oliver Maier.

The pricing of the individual banks always depends on their current business policy and vary occasionally. “If you want to fill your loan books at short notice, you position yourself in the market with particularly cheap interest rates.”

The financing expert points to another advantage that the change of banking brings with it from the customer’s point of view: “In contrast to the old bank, a new credit institution will always re -evaluate the property for its condition. Due to the significantly increased real estate prices in recent years very often positively on the interest. “

According to data from the Federal Statistical Office, the prices for self -used residential property have increased by an average of around 60 percent in the past ten years. In order to also take into account the simultaneous loss of value due to the aging, Verivox starts only 40 percent increase in value in the model calculation. Instead of 340,000 euros as ten years ago, the property is now worth 476,000 euros. Homeowners benefit from this at the interest rate for their follow -up financing.

This is due to the so -called lending output. “Anyone who absorbs less than 60 percent of the real estate value as a loan benefits from many banks from particularly attractive interest rates,” explains Maier. Without the increase in value, this limit would not be undercut. However, after the reassessment, the loan amount in the follow -up financing is only almost half of the property value.

In favorable banks, the homeowners receive their follow -up financing with this requirement at an interest rate of 2.9 percent. In these conditions, you pay a total of 11,100 euros less interest over a ten -year term than if you continued your loan at your original bank. Instead, the money flows into the repayment of the loan and reduces its residual debt.

With regular special repayments, borrower can lower their interest costs even more. “Annual special repayments of up to 5 percent of the loan amount can often be agreed with the bank without this additional flexibility having a negative effect on the interest rate,” says Maier. “With every unscheduled repayment, the remaining debt and thus the interest rate of the monthly rate drops. As a result, the loan is paid off faster and the interest costs are decreasing.”

In the model calculation of Verivox, the homeowners bring annual bonus payments from the employer of 3,000 euros as special repayments to the financing. Over the ten -year term of follow -up financing, a total of 30,000 euros flow into the repayment of the loan. Compared to the financing without special repayments, the remaining residual debt is reduced by around 34,300 euros by the end of the interest binding period. Due to the special payments, the borrower saved another 4,300 euros in interest.

However, the debt loan on another bank has one disadvantage: Real estate owners must again submit all relevant documents for the credit decision in the course of their financing request. In addition, the registered land charge in the land register must be rewritten by the old to the new bank.

“However, effort and costs are manageable,” said Maier. “Some of the required documents usually still exist from the first financing request and the additions of salary and assets that are also required are quickly compiled. Depending on the individual individual case, the costs for the basic culprit usually amount to a few hundred euros. In view of the high savings potential, time are time And money almost always invested well. “