Ongoing home savings contract regarding special repayment and allocation maturity

2019-10-20 13:49:43

: Instead of repeatedly repeating the same information from your memory, please just take a look at your documents. The product you mentioned, LBS-U4+, looks like a "normal" building savings contract at first glance. LBS in combination with Sparkasse also has the concept of the repayment building savings contract. (which is essentially the variant I mentioned: building savings contract + fixed loan) But only you can find the answers to that in your documents.

2019-10-20 14:08:50

You didn’t need to warn me. I know that a building savings contract is not the best when it comes to real estate financing. But unfortunately, the Sparkasse was the only bank that wanted to finance my project back then, and they only did it with the LBS. As for the interest rate, it was quite good at that time. And yes, I don’t understand the building savings contract down to the smallest detail, I’m not an expert on the subject. You can’t be an expert on everything, sometimes you have to rely on advisors up to a certain point. Yes, the advisor also mentioned something about the rank in the land register. I have to work into how to solve that now. But I first see it as unproblematic. I think that can be solved. Regards Specki

Not really. The ranking distribution in the land register is immensely important. Either you find a bank that finances subordinately under poor conditions or you remain bound to your Sparkasse. But clarify that first.

2019-10-20 14:45:09

Oh man...
Either I am using the wrong terms so that you don’t understand, or you don’t know what I’m talking about...
I also don’t know if it makes any difference if I write it here again now.
In any case, it is as I said and to my knowledge, it is also a common concept.
Somehow we are probably talking past each other.
With the building savings contract, there is a savings phase in which I always pay 1.66% interest on the full amount of 200,000, and when it becomes ready for allocation, the repayment phase begins in which I then pay 2.23% on the remaining amount to be repaid.
But if you don’t know about the concept anyway, you can’t really help me. Because I think only someone who is familiar with building savings contracts in general, perhaps even specifically with the tariff LBS-U4+ I mentioned at the beginning, can do that.

Regards
Specki

I think it’s rather a matter of terminology. Something is missing or explained inaccurately somewhere.

If I turn your 200,000 building savings contract into a bullet loan that is secured or refinanced by a building savings contract (tariff LBS-u4+), then the construction is logically consistent to me, without wanting to judge the content now.

According to the datasheet, the tariff LBS-U4+ simply does not have interest on the full amount, but a credit interest of 0.1%. So that can’t be everything.

2019-10-20 15:10:13

So, then I'll try to clarify this again properly. It was simply a problem of terminology. For the 200,000, I have a pre-financing or bridge loan of 200,000 with a fixed interest rate of 1.66%. This is fixed until the allocation of the [Bausparer]. At the same time, the [Bausparer] is being saved up with a total amount of 200,000. When this is ready for allocation, the bridge loan is repaid by the [Bausparer]. Then the repayment phase begins with the [Bausparer] with a remaining amount of about 115,000 and an interest rate of 2.35%. Sorry , I hope it is now clearly explained. It was my mistake.

2019-11-04 10:27:56

Hi, I didn’t want to start a new topic just for this...

At the moment, there is still a building savings contract that I am saving €100/month into. €135k is the amount we fixed back then to secure a 2.2% interest rate (which was already low interest at the time). Now the question is, since the house construction will probably start next year... does the building savings contract still make sense or should I only save the minimum amount?! (Currently, there is just under €2k in it)
We will never have saved the €135k in the next few years or until the refinancing.

Thanks in advance

2019-11-04 10:37:56

That makes no sense at all. You can also completely shut it down normally. If you want to get the balance out, you have to see if you need to terminate it for that. The closing fee is lost, though. Alternatively, you let it continue running and just pay whatever you want to set aside as a reserve/ contingency. If the balance interest isn’t too bad.

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Ongoing home savings contract regarding special repayment and allocation maturity

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