Home savings contract canceled: You need to know that

If the home savings contract is canceled, you can object to it and have the cancellation checked for validity. In this article, we explain what you should consider if your building society contract is terminated.

Building society contract terminated - that's why they are terminated

In the period of low interest rates, some financial institutions are forced to terminate existing home savings contracts with high premiums in front of customers. You can find out what you should know here:

• The savings contract has not yet expired, and yet financial institutions are trying to get out of it. This is no longer a rarity today. The methods that are then used are different and are mostly for the benefit of the investor. Ultimately, however, the savings banks try to minimize their loss.
• Known methods are lure offers that offer the investor something special, but entail the termination of the contract. It is similar if the savings banks remove disadvantages that are charged to the investor. Some institutes also appeal to the customer's responsibility that the Sparkasse must act economically and therefore have to free itself from the contracts.
• In most cases, this applies to building loan contracts that are 20 years or older. Back then, these were concluded with higher interest rates than is the case today, which is why they are unpleasant for the institutions and have to be removed.

You can do this if you cancel

If you are concerned that your home loan savings contract could also be terminated, you should consider these steps:

• If your building society approaches you and wants to negotiate, then be skeptical. Especially if you are made offers that result in sums of money or do away with your disadvantages.
• You also have the option to object to the termination. You can do this in writing, it is best to use a registered letter with return receipt.
• On the other hand, you can also have this case examined by a specialist lawyer or contact a consumer advice center. Here you will find advice and can be sure whether the termination is justified or not. If you have incurred costs in this way, for example through a lawyer, you can claim these from your legal protection insurance.

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In the next article, we'll explain what costs you need to plan when building or buying a house.