Loan for land - variable vs. fixed with special termination right

Hello everyone,

I am currently about to purchase a plot of land.
Afterwards, I want to start building the house as soon as possible.

People usually say that the plot of land should always be financed with a variable interest rate.

But the bank I went to suggested financing it fixed for 10 years,
because the fixed interest rate is significantly lower compared to the variable rate.
They would then include conditions in the contract granting a special right of termination,
on the one hand if I decide not to build and sell the plot back, and on the other hand at the start of construction,
to be able to take advantage of the (possibly better) interest rate applicable at that time.

Why does the bank offer something like this?
The reason was that they have had so much stress lately with variable interest rates and have to argue with customers,
because they always want to adjust the installments, etc.
And they are simply pursuing this strategy to avoid this stress.

There should be no disadvantages for me, rather the advantage of the secured lower interest rate.

That sounds good to me at first.

But could there be a catch somewhere? What else should I consider?

Thank you in advance.

That you then also have to finance the house construction with this bank! That a subsequent loan for the house can actually only lead to worse conditions with the second loan. If you want to build as soon as possible anyway, it makes sense to take out a loan for the entire project (land + house construction). Having two loans is only done if, for whatever reasons, you start building the house later (after purchasing the land).

Ok. I need to clarify whether this actually only applies to this bank or if I can finance the loan for the house construction however I want.

Of course, just one loan would be nice. But unfortunately, that is not possible due to the deadlines. The municipality where I got the plot naturally wants to get the money as soon as possible and has deadlines or already scheduled a notary appointment.

And house construction planning, getting quotes, etc. also cannot be done that quickly.

The bank obviously cannot forbid you to go to another bank for the house. But the [Grundstücksbank] then stands in the first rank in the land register, so the house-financing bank must be in the second rank, and that alone will offset the worse conditions of the variable loan. Your approach should therefore be that the [Grundstücksbank] is from the outset only in the second rank.

Makes sense.

But what happens if I then exercise the Sonderkündigungsrecht and handle the entire financing (house construction + land) through another bank?

The crucial question is how this special termination right would concretely look. It is not clear to me why the bank should agree to sell you financing with a fixed interest rate for the property that you can simply cancel.