You will also need to take out a forward loan if interest rates have dropped in the meantime. With the signing of the loan certificate you enter into a binding contract, so you are obliged to accept the forward loan. You only have the right to cancel the contract free of charge in the first fourteen days after taking out the forward loan.
If the interest rate has dropped before the loan is drawn down and you no longer want to use the forward loan, you can still withdraw from the loan agreement in most cases. However, the bank will then demand compensation, the so-called non-acceptance compensation. This serves as compensation for the costs incurred by the bank for the provision of the forward loan. In general, the non-acceptance fee corresponds to the prepayment penalty for a current loan.
The compensation amount is also calculated using the same principle
Our tip: Before you decide on a forward loan, find out about the development of market interest rates. With our interest rate forecast you can see in which direction the trend for building rates is going. The current yield on Pfandbriefe at the Deutsche Bundesbank is also a reliable indicator: if it rises, it can be assumed that mortgage rates will also rise in the next twelve months.
It is best to monitor this development over several months to obtain a reliable result
Don’t forget to include your personal circumstances in the decision. If your current situation is stable, a forward loan can be the right decision. If, on the other hand, there is a move or a separation from your spouse in the near future and you have to sell your property at short notice, the forward credit can become a problem. Because the ongoing mortgage lending has not yet been paid off, but the forward loan has already been taken out, you have to pay both a prepayment penalty and a non-acceptance fee to the bank.
Our on-site consultants will be happy to give you helpful tips for the forward loan and will be happy to help you decide for or against a forward loan.