Notice periods for forward loans

Why don’t you simply talk to the bank with the hints provided here? Tendingly, after 10 years you have a special right of termination with probably a 6-month notice period. That should actually be as described by HilfeHilfe, but your first step should be your bank. Otherwise, try Google; there are situations in which you can even revoke (that depends on the contract, or errors in the contract, and a lawyer has to check).

But actually, after 10 years, i.e., 08/2020, you should have a special right of termination and then the termination should be effective 6 months later. Talk to the bank!

Hi,
thank you for your assessment.
I am already working on the issue with the offer, have already had talks with Dr. Klein... but unfortunately the lady there did not make me aware of this deadline or the termination date...

You mean to ask the bank when I can terminate?
And then refer to the BGB?

Yes, exactly

Thanks for your answers already...

What I still don’t quite understand is:
If I signed in 08/2010, then the contract would have expired after 10 years, so in 08/2020.
How does the 6-month cancellation period apply then?
As I understand it, I would have to submit the cancellation by 02/2020 so that the contract ends in 08/2020.
If I still have a 6-month period after 08/2020, then that wouldn’t be 10 years, but 10.5 years...

I have already inquired about an appointment at the bank

Thanks for your answers already...

What I still don’t quite understand is: If I signed in 08/2010, then the contract should have expired after 10 years, i.e. 08/2020. How does it then work with the 6 months’ notice period? As I understand it, I would have to submit the cancellation by 02/2020 for the contract to end in 08/2020. If I still have 6 months’ notice period after 08/2020, then that wouldn’t be 10 years, but 10.5 years...

I have already asked for an appointment at the bank

Yes, it is 10.5 years

10 full years + half a year notice period

It's all a rip-off anyway... well, be that as it may... better than paying the 5% for the next four years, I'd rather arrange a forward loan for 02/2021 now... or wait a bit longer...

Thanks for your assessments, I'll talk to the bank.

It's all a rip-off anyway...

Nope, it's in the law.

I'd rather take out a forward loan now for 02/2021...or wait a bit longer...

I WOULD wait.