Follow-up financing! How can it continue?

Hello,
my building savings contract is ready for allocation in 2015.
I am now looking for follow-up financing. A friend told me not to go through a building savings contract again, as the banks are significantly cheaper.
I would have to take out a new contract for another building savings contract because the interest conditions from 10 years ago for 2015 were low but still too high.
I am currently getting offers from many banks. A forward loan and financing over another 15 years is rarely available or has a higher fixed interest rate period.
Does anyone have any tips for me???

my building savings contract will be ready for allocation in 2015.

Ready for allocation means you have paid your minimum capital into the building savings contract, reached the evaluation number, and could get a loan.
What does that have to do with

I am now looking for a follow-up financing. A friend told me not to do it again via a building savings contract, since the banks are significantly cheaper.

?

Everything is a bit confused.
I assume your interest-only loan expires in 2015 and you originally wanted to secure it with a building savings contract.
With the building savings combo you made a bet on rising interest rates and this did not happen, since rates fell.
And now you want out. Whether that is even possible, I don't know, since you probably got cheaper rates for the interest-only loan.

I would have to take out a new contract for another building savings contract, because the interest conditions from 10 years ago for 2015 were low but still too high.

And since you probably got screwed by the building savings contract, you want to take out a new one? Why do you want to take out a new building savings contract and once again accept the expensive period of the building savings combo?
If you compare the interest rate from the building loan of the old contract with that of a new building savings contract, you are comparing apples and oranges.
You would repay the old loan from 2015, the new building savings combo you would again not repay.

I am currently getting offers from many banks. A forward loan and financing over another 15 years is hard to find or has a higher fixed interest rate period.

It gets even more confusing.
What bothers you about a longer fixed interest rate period?
As I said, if your financing was a combination of interest-only loan and a building savings contract, I am not sure you can get out of it at all?

If you can get out, the question arises what savings does a new financing bring you and what do forward loans, change of land charge, etc. cost you? You accepted the expensive period of the building savings combo and now want to exit before the cheaper period.

No one here can give you the decision on how to continue financing, since no one knows your financial framework conditions and financing terms.

Still, here is a general tip:
Get independent advice, find out if you can get out, what a refinancing would cost you, and do not sign contracts you do not understand.

I can only agree with Musketier. The important thing is independent advice, as they will also tell you there how best to structure your financing. At the [IHK] they will also be able to tell you where you can find a reputable expert.

@ Musketier
that is unfortunately not correct. My contract is ready for allocation and terminable in the third quarter of 2015. I negotiated such a super low interest rate in 2005 that the building society approved any special payment in any amount. I want a follow-up financing from 2015 but not again through another [Bausparvertrag], rather through a bank loan. My current interest conditions would be for a [Bausparvertrag] over 14 years and 8 months: 2.75% for the first 7 years and 1.5% from the 8th year. I believe even with that I can't be fooled. ;) So it will thus once again come down to a [Bausparvertrag]. The cheapest offer from the banks is 3.04% over 15 years.
thanks
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@ Musketier
unfortunately, that is not correct. My contract is ready for allocation and terminable in the third quarter of 2015. Back in 2005, I negotiated such a super low interest rate that the building society approved any special payment in any amount. I want to arrange follow-up financing starting in 2015, but not again through another building savings contract, rather through a bank loan. My current interest conditions for a building savings contract over 14 years and 8 months would be: 2.75% in the first 7 years and 1.5% from the 8th year. I believe I still can't fall for SchnaXXX even with that. ;) So it will come down to another building savings contract after all. The cheapest offer from the banks is 3.04% over 15 years.
thanks
Avatar

In this form, you cannot compare building savings interest rates with bank interest rates, because you do not repay anything initially with a building savings contract.
The building society should calculate an effective interest rate for you over the entire term. Only then is the whole thing comparable.

What interest rate does the old building savings contract have? You can compare that interest rate after allocation and with regular repayments to the annuity loan. If it is not above 4%, the entire refinancing probably will not be worthwhile.

@hello musketeer, the interest rate in the old building savings contract would be 4.75%. In 2005 I concluded with 3.78%, after the allocation it would then be at exactly 4.75%. Good idea with the calculation of the effective interest rate, I will do that. But when I compare my many offers, I already come out better with the interest to be paid. I pay 5000,- € less with the building savings contract than with the banks. Thank you Greetings Avatar