I will try to give a layman’s explanation to a layman (the bankers here got silent. But I am still grateful if someone corrects me when I say something wrong.
So only the right of termination IN the 10th year? What if I inherit a (large) sum after 11, 12, or 13 years, for example?
Somewhere I heard or read, maybe even on this forum, that the legally prescribed special right of termination applies after 10 years. Not after 11 or 12, which would make it an annually recurring special termination right, but explicitly after 10 years, and practically everyone has that.
I could theoretically already take out a forward loan,
2023/2028… Yes, because of the special right of termination. But you would have to exercise that, otherwise you would be stuck with two contracts. But someone will probably tell you that or it will be automatically clarified through the bank(s).
Regarding your original questions:
Just like the right of termination is mainly to be able to react in advance to changes in the interest rate market.
I wouldn’t call it _reacting_. You basically _secure_ an interest rate that is currently valid, believing that with this you will be fine and can sleep well until the loan ends again. But it is not wrong, of course.
In our case, we could decide each year from 2028 depending on the interest rate market
You couldn’t do that with the special termination right, but with the forward loan, if you don’t exercise the special termination right, you can decide every month or day. With the forward loan option, you could decide starting in 2028 which interest rate you want to secure from 2033 onwards. But you don’t have to. You can let the time run until 2033 without doing anything. However, you could also effectively use your special termination right and already watch the interest rates daily. But: what do you hope to gain from that? So much can happen within 5 years. I would rather take a gardening book and plan something more than what exists now.
That means forward loans don’t make any sense with fixed interest periods of 15 years, right?
See previous answer. A forward loan gives you the opportunity to secure current interest rates during the last 60 months of a loan (for you from 2028 to 2033).
Or where might there be advantages/disadvantages that don’t exist with the special termination?
A special termination is just an option. I think it doesn’t make any sense with 15 years. It might be worth it if you closed at 1.9 and interest is at 1. Of course, it also depends on how much is still outstanding and what the interest relates to in the first place. But I can imagine there will be some costs, fees, etc. – I don’t know that. The special termination right is also interesting if you have multiple loans with different terms. You shouldn’t forget that financings are individual. For example, KfWs run 10 years. If you had one, it would probably already be clear to you now that you want to bundle everything together. For whatever reason. Let’s say just for a better overview of your finances.
With a forward loan, don’t you have to stay with your current bank and don’t have the option to switch?
No, you can take out the forward loan wherever you want. However, a new bank “costs” submitting documents again, a review, possibly even a property inspection including a visit. Fees apply, also for certified site plans and similar.
What if I inherit a (large) sum after 11, 12, or 13 years, for example? Then I can no longer use the special termination right except the maximum prepayment and cannot look for a cheaper follow-up financing?
Your special termination right is, as said, after 10 years. For example, you could also partially terminate then—assuming you have already inherited by then.
If the money windfall comes after 11 or whenever years, the bank can let you go, but doesn’t have to. If they let you go, i.e., they allow you to terminate the loan, then usually with a hefty prepayment penalty. That is usually higher than you think and could absorb your windfall. But it’s not bad to be liquid. You can park your money windfall, possibly let it earn interest, and then pay the maximum annually until the loan ends. But you could also invest in your house, a new heating system, new paint, without taking a new loan.