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Actually they would have to be the favorite customers of the bank boards: Long-standing customers who have reliably repaid their rates for large loans and now just need an extension of this loan. Connection financier.
And maybe they are, and you just do not realize it. For instead of first-class interest rates for the remaining years, existing customers in the bank are often offered a second-rate offer - with interest rates far too high. An example: 0.3 percentage points higher interest rates for 150,000 euros remaining credit, which is paid over 15 years, bring the bank 3700 euros more interest income. 3700 euros of unnecessary interest costs, which the customer could invest in a beautiful sofa.
But maybe that's the expression of the love for a loyal existing customer. So faithful that he has not revoked mortgage lending over the past ten years, even though the bank's instruction may have been flawed and the revocation would have been lucrative for the client. So loyal that he has not negotiated a favorable forward loan in 2016, in order to secure the favorable interest rates beyond the year 2030. So loyal and full of confidence that he did not turn on one of the big mortgage brokers to find out what interest is in it right now.
A typical mortgage lasts around 30 years. Mostly, the term for the first loan is ten to fifteen years. And after ten years, the contract may be terminated in one way or another. Almost all mortgage lenders therefore need follow-up financing. After all, the Germans have taken home mortgages worth more than 1.3 trillion euros for their houses and apartments.
Nevertheless, there is not much public data on the subject. Concrete figures on individual banks even less. The financial institutions do not mind that. The Deutsche Bank, for example, refused me any data on request, they publish "basically no data on individual products." The HypoVereinsbank and the Frankfurter Volksbank also wall.
After all, when I asked for terms, I had success at Sparkasse Köln-Bonn. The savings bank says its advisers are currently likely to offer interest rates of around one percent if the customer actually repays the remaining loan in follow-up financing in 10 years. Volksbank Dusseldorf-Neuss stated that in its follow-up financing interest rates are currently a quarter of a percentage point lower than for new financing of the same order of magnitude. The sums that are financed by the Düsseldorf Volksbank are about twice as high as those of Sparkasse Köln-Bonn. In the tendency similar numbers gave it also of the Hamburger Sparkasse.
Lots of money, little transparency
However, only the Volksbank Düsseldorf-Neuss has named concrete data on the sold follow-up financing in its own portfolio. That would be about half the number of contracts with new customers.
In fact, an almost historical study by the University of Hamburg in 2012 states that about half of the annual mortgage lending volume is follow-up financing, at that time between 80 and 100 billion euros per year.
Lots of money, little transparency. For that very reason, dear customers, you should take your chance courageously. The follow-up financing is your hour. They know when the connection takes place and should at least six months before in peace with a credit intermediary go in search of the cheapest offer. Not 2.1 percent interest but 1.8 percent for the next 15 years. And then go with this good offer to their previous bank and say: You can too! You even know better how reliable I am.
In fact, only a fraction of bank customers still use the chance of lower interest rates on the competition and even compare.
And if the previous bank then presses on the lacrimal gland and says that these are online offers in which one could not keep up: "We have to finance our advice"? Then just point out that at least some of the mentioned Volksbanks and savings banks are pro-active in the price war - all branch banks. They obviously manage to combine advice in the branch and very favorable loan conditions.
Stay hard. You will see, your bank is moving.
In principle, you can of course also proceed the other way around. You ask your previous bank for an offer for a prolongation, as the bankers call the follow-up financing in-house. And then go with this offer to credit brokers like Dr.Klein, Interhyp and Planethyp and ask, "Can you beat that?"
But this approach has its psychological pitfalls. It may, paradoxically, put more pressure on the relationship with your bank than if you went to the credit intermediary first. And that has the following reason: If your house bank does not move at all and persists - let's say - 0.3 percentage points more interest, then you get to realize that it just wants to exempt you. No trace of partnership. However, if your bank improves, the peeling feeling remains, which makes your loyal customers really bad deals. This also crack the relationship of trust.
In the interests of your relationship with your house bank, proceed as described above the other way round: first ask the credit intermediary. And give your bank the chance to prove itself. This will give you the comforting feeling: If in doubt, they will do something for me.
But in any case it is very important: if it is much better, accept the offer from the broker. First, you have to work long for 3700 Euros net as in the example above. And second, if you give in now, your bank will know that next time you will not have to make any competitive offers.
