Right of withdrawal from the loan

Hi Payday,

that's exactly what I plan to do. Or rather, I am currently looking for a new architect and starting from scratch. The only problem is that I don't want to pay unnecessary loan interest. But I guess I have to bite the bullet and leave everything as it is.

Thanks for your replies!

and without an architect and with a construction company that builds relatively quickly? there are companies with a construction time guarantee and even if you pay 2-3 months of mortgage interest, the world won't end. maybe talk to the bank to see if they can postpone the mortgage a bit... so canceling the loan just to create a new one somehow doesn't really make sense. do you have a plot of land?

Typical example of how quickly a cost breakdown becomes obsolete

With us, the cost breakdown was also only provided after the tender. Without a tender, you simply cannot reliably estimate what it will cost.

An architect should be able to roughly estimate that. But if the construction project fails because of it, it is better that way.

Hi Payday,

that's exactly what I intend to do. Or rather, I am currently looking for a new architect and starting from scratch. The only problem is that I don't feel like paying the mortgage interest unnecessarily. But I guess I have to bite the bullet and leave everything as it is.

Thanks for your answers!

Contract applies! Right of withdrawal applies within 2?weeks The only special termination right I know of is when the object is about to be sold, and the lender then charges the prepayment penalty. End of story. In this respect, the project should be fully (planning) completed before submitting a loan offer and later signing. Once the wheels start turning, a stop is very expensive. In your case, personal bad luck, but not uncommon. However, it is rarely made an issue because the builder knows that haste is required and acts accordingly quickly. Often the permit is already in place, and work begins. An architect build takes longer anyway (which I often observe to be over 1 year), so these financing costs are often planned for.

The 1% your bank offered is not the norm and is therefore a gift.

Regards