Follow-up financing rejected due to negative Schufa entry

The bank has hardly any risk left - provided everything is correct

We are still guessing about the extent of the "negative Schufa entry"...

Maybe the bank has something completely different in mind. The Schufa entry is still there until 1.2018; in other words, the bank knows quite for sure that the OP cannot go elsewhere for the time being.

Variable interest rates, and especially currently at 5% for the OP, are simply perfect for the bank in the current times

Hello,

Maybe the bank has something completely different in mind. The Schufa entry is still there until 1.2018; meaning the bank pretty much knows that the OP can't go anywhere else until then.

Variable interest rates, and especially currently at 5% for the OP, are of course great for the bank

Without immediately wanting to accuse the "evil bankers" of all kinds of things, something like that also crossed my mind... or even something worse: The bank (or rather an employee) has their eye on a nice house that they would like to acquire cheaply...

For the OP, I hope the bank is just trying to make a quick buck. 5% is something else...

The contract was not terminated either, just simply not renewed. There’s hardly anything one can do about that; as mentioned, there is freedom of contract.

Best regards,

Andreas

The fixed interest period already expired in March and has since been running variable at a slightly higher interest rate.

The bank wants us to find another bank as soon as possible to take over the follow-up financing. I don’t understand why the bank doesn’t just let the loan run until 2018. After all, we always pay the installments on time. The current interest rate is about 5%.

Maybe the bank has something completely different in mind. The Schufa entry is still there until 1.2018; meaning the bank quite certainly knows that the OP cannot go anywhere else until then.

Variable interest rates, especially currently at 5%, are just perfect for the bank in these times for the OP.

Without wanting to immediately accuse the “evil bankers” of all sorts of things again, something along those lines also came to my mind... or even worse: The bank (or rather an employee) has had their eye on a nice house that they would like to acquire cheaply...

I hope for the OP that the bank is simply after cash. 5% is quite something...

The contract was not terminated either but simply not extended. There is hardly anything to be done against that, after all, there is contractual freedom, as I said.

Are the conspiracy theorists out again today?

Although since March the loan has been converted to a variable loan with a higher interest rate and the OP would also accept this until 2018, the bank clearly says that he should look for another institution. Since the OP has signaled his consent, the bank could just "let everything continue as it is and collect the high interest." But since it continues to tell the OP to find another bank, the theory of would be refuted.

“The potential employee of the bank, who according to the theory of [USER=25961]@andimann is pushing the termination/non-renewal, cannot be sure to get the bid in a free sale / foreclosure. Since the OP lives in Munich, there should be a whole line of buyers ready in a private sale and it would fetch well over 350,000 euros despite the age of 10 years (assumed fixed interest period). Thus, the chance of getting a house cheaply would be very low.

We don’t know what is in the Schufa.
Possibly another loan fell through, for whatever reason, e.g., two years ago. I don’t even want to accuse the OP of anything here (WARNING SPECULATION: Maybe there was a reversal of a purchase (possibly with ongoing legal dispute), whereby the credit taken out for it would actually be void. But since the purchase contract and loan contract may be separate agreements according to the T&Cs of the consumer financing bank or the legal dispute is not yet settled, the bank insists on the existence of the loan and the OP does not pay back because, from his point of view, the overall transaction is void.)
Whether we will learn the background of the Schufa entry is uncertain (it is probably nothing pleasant for the OP).

But since she still tells the OP to look for another bank, the theory of would be refuted.

The question is how and what exactly the bank told the OP. If due to Schufa and WIKR they themselves currently see no chance to arrange a follow-up financing; maybe it was just advice to spare the customer the quite high variable interest rates?!

Or did the bank threaten with measures?

I'm not sure right now but as long as the OP does not fall into arrears, can the bank even terminate?!? Or why should it if the loan is sufficiently secured by the mortgage.

@OP: Have you ever contacted a financial advisor?

So we have again managed a follow-up financing today with a negative Schufa entry, the important thing, as mentioned, is the extent.

The question is how and what exactly the bank told the OP. If, due to Schufa and WIKR, they themselves see no chance at the moment to place a follow-up financing; maybe it was just advice to spare the customer the relatively high variable interest rates?!?

Or did the bank threaten with measures?

I'm not sure right now, but as long as the OP does not fall into arrears, can the bank even terminate?!?

The fixed interest period has expired. Therefore – is it a termination if the bank is not willing to conclude a new contract?

You are, of course, absolutely right: It also depends on how it was phrased. If they do not want to conclude a new contract and advise the customer to look for a new bank, this can mean that they really want to get rid of the customer or that they recommend the customer to switch to save him excessive costs.

The problem with this thread is – we don’t know what is in the Schufa and the OP does not seem willing to disclose this (which could mean that there is something bad after all).