Pledged building savings contract: Is termination possible after 15 years?

Hello everyone,

we are currently putting together our construction financing and my building savings contract with a building savings amount of 160k (1% nominal target) is supposed to be an important element in the follow-up financing. The contract was concluded in 2011, so it is already 12 years old and about 30k has been saved. In addition to the new construction financing, we would save the building savings contract so that it is ready for allocation for the follow-up financing. So much for the theory.
Now the financing advisor told us that BSVs which are not completed after 15 years have a special right of termination. Thus, it would theoretically be possible that BHW terminates the building savings contract in 3 years and this important component would be lost. Because 1% nominal target is not something the building societies would like to keep. However, I was told by BHW that if the building savings contract were pledged to the credit bank, termination could not occur. Is that correct?

I have spoken to 2 other banks about this and none could give me a reliable and secure answer (which actually surprised me a lot).

Does anyone know about this topic and can tell me the best way to solve this? In 3 years the contract would still not be ready for allocation.

Thanks and best regards!

Now the financing advisor told us that BSVs that have not been completed after 15 years have a special right of termination.

Nonsense. This was judicially denied more than five years ago.

But I was told by BHW that if the building savings contract had been pledged to the loan bank, it could not be terminated. Is that true?

That is just as nonsense as the above statement.

In fact, the Federal Court of Justice (BGH) made clear in its rulings of February 21, 2017, that building savings contracts are "as a rule" terminable 10 years after allocation maturity. A prerequisite for this is that the building society has informed you of the allocation maturity.

Building savings contracts may be terminated if they have been eligible for allocation for 10 years or if they are over-saved; neither applies to you. Additionally, building societies have recently started terminating contracts if the regular savings amount is not paid. That is likely over 650€/month in your case.