Mortgages is a science in itself that not everyone really understands property owners. The use of some bankers and brokers and their clients talk high-risk contracts. Handelsblatt.com analyzes the credit options for customers can be dangerous.
When you look at the real estate advertisements in the newspaper, many readers crabby. Too high and the rents seem much too small and uncomfortable, the homes offered for sale. Despite economic crisis and hardly measurable inflation rates are the rents in 62 percent of German cities during the first quarter compared to last year's period, reported the Economic Research Institute Empirica. In some cities, even by just under 20 percent.
Why, then fatten the landlord, rather than being an object to buy? We have the interest for building more low, moderate, prices in many places. Now is the time to buy a property cheap. The bill, however, only when the buyer's finances solid object. Just lurking in the credit, however, many traps, the budget quickly amount to a five-incrimination.
High Collateral: Strong surcharges
Of the currently low interest rates benefit especially borrowers, which in recent years, greater amounts were saving. Who is little or no equity in the purchase can offer, it must pay high surcharges. "The banks are currently in the private mortgage lending more cautious than before, and just pay attention to a high equity share," says Oliver Mihm, Chief Executive Officer of Investors Management Consulting Marketing.
As a result, mortgage loans with a value of one hundred percent up to one percentage point higher than loans for objects with a repayment rate of 50 percent. Between a percentage point more or less are loans worlds. A similar loan of 100 000 euros more expensive in the course of the ten-year rate of around 10 000 euros.
Collateral loans with extreme should therefore only select clients who have no other choice and financially in the future are protected. This applies to civil servants or young upwardly mobile families to the need to step in when the rates may be.
Who terminate such funding should also be sure that not a few years, a move is pending. If the selling price well below the purchase price is otherwise threatens a financing gap. "Many customers underestimate the risk of a threat over," says Arno Gottschalk from the consumer center of Bremen.
Foreign currency loans: Losses in the yen and Swiss franc
Still, for loans with high mortgage, the customer knows what to play him. A look at the amortization table shows how the loan amount of each installment with a little shrinking. Slowly but surely.
For foreign currency loans, it is different. These customers in Germany take a credit in a foreign currency, mostly in Swiss francs or Japanese yen. Such loans are too fabulously favorable interest rates. Loans in Swiss francs, there is already an interest rate of 1.6 percent in yen for 1.2 percent.
In addition to low interest rates, customers of the development of foreign exchange rates profit. If the euro compared to the franc or the yen falls, reduces the loan amount to the same extent. The problem: In recent months, the bill does not occur.
In September 2000, one euro was still worth 93 yen. Since it was a long time, constantly high. In September 2007, the euro at 165 yen, it currently costs 132 yen more. The development of the Swiss franc was not as extreme, but for foreign debtors equally unpleasant.
An account of the Frankfurt financial advice FMH shows how dramatically the turmoil in currency markets to the credit impact. About the beginning of 2007 a loan of 100 000 Swiss francs had been made in relation to a loan in euros for the higher interest until the beginning of June a loss of approximately 5 600 Euros. Upon completion in January 2008 is the difference at about 6 500 euros.
Still higher, the losses in yen loans. The same credit more expensive for completion in January 2007 compared to a German standard loans at 11 700 euros. Who's financing, agreed in early 2008, laments a difference of 14 300 euros. "Foreign currency loans are risky and only for foreign exchange professionals," says owner Max FMH autumn.
Variable loans: interest rate risk increases
With very low interest rate of two percent currently attract numerous agents and banks for loans in euros. Traditional loans cost on average to 2.5-fold rate. The difference: The Cheap loans are at a variable interest rate. The conditions are based on Euribor - the rate at which banks lend money among themselves.
This reference rate since the peak of the financial crisis have fallen massively. Three borrow money, the banks in the euro zone is currently less than 1.3 percent. This is a result of the drastic rate cuts by the European Central Bank. Moreover, the central banks around the globe, the money markets with liquidity formally flooded.
The demand for loans is variable in size. So as the mediator reported to the ING Group belonging Interhyp a significantly increased interest in variable loans. Also, the latest figures from the transaction platform of the Berliner Europace financial services Hypo port suggest that the demand for variable loans since the beginning of the year increases, although the traditional annuity far dominate.
Financial experts and conservationists warn consumers long before the risks and side effects of this financing. "It is an interest rate bet," says Dirk Scobel by the consumer center of Hamburg. In fact, the current favorable interest rate is usually only for three months. Then he will be again at the three-month Euribor adjusted.
This may well go for a while, if interest rates stay the same or decrease. But it can become expensive if interest rates rise. And with a euro rate of one percent is not much room down. If the monetary injections by the central banks and the trillion-economic programs of many countries, inflation is rising again - not a few economists fear - then also the more expensive loans accordingly.
"Whoever has little air, which should steer clear of it," warns consumers Scobel protectors. "Otherwise the funding to fly him around the ears, if interest rates rise." Interhyp spokeswoman Heidi Muller added: "Such loans are suitable only for people who also watch the interest rate market."
The strategy, a period with low interest rates with a variable loan to bridge and just before interest rates rise in a traditional loan with fixed interest rates agreed to switch, but not always. "Most are surprised by the rise in interest rates and then pay in comparison to conventional mortgage loan on it," says Herbst.
Thus, the short-term interest rates, as measured by the Euribor, in the past ten years, approximately twice already in a relatively short time on the five-percent market increase. If something happens, increase the monthly rate exorbitant. Without adequate reserves, the borrower can dramatically rising rates of no more use.
Advantages of a variable loan, if in the near future higher payments made or about a higher amount, say from an investment, is due to you will include the financing. Indeed, a Euribor Loan is usually every three months, fully or partially repaid without high fees as the annuity due.
Bounce missed
However, not all advertise vendor with low variable loans. Some calculate that even for more than ten-year mortgages. "This allows the banks to pay the cost if the customer after three months off," says Herbst. So if you are on his or Sparkasse Volksbank goes to a favorable loan process variables should be taken to make disappointments. In this terrain is dominated by mortgage brokers.
For loans with a variable interest rate ceiling (cap) to calculate the processing fees in addition to providers also have a so-called cap premium. This increases the interest in the selected period is not over the agreed limit. The but is already at ten-year bonds over six percent. Therefore, experts recommend that as autumn or Scobel: currently prefer to remain favorable, and long-term interest rates for ten or more years planning security.
Policy loan: Bets lost
Safety planning also miss Customers who several years ago with a bullet maturity loan repayments agreed. You pay the bank over an agreed period only the interest and waive the gradual eradication of the debt, as in classical annuity usual. At the same time, the borrower from a life in which it month by month until the end of the loan term deposit.
With the projected amount, so reckon it's still a lot of representatives that can easily repay the loan. In addition, tax advantages, especially if it is rented objects.
Such models expressed Mortgages consultants and vendors, according to industry experts, until a few years ago into the market massively. Instead of eradicating invested real estate buyers in life insurance, savings or investment contracts. The second stock market crash in a decade, the variant with investment custodians made to load. "Since almost no one is building its funding it," says Thilo Wiegand, a board member of the Berlin financial services Hypo port.
But the stock market turmoil of this decade have also promised profits of life insurance made for wastage. Moreover, the policies after the abolition of tax privileges in 2005 lost its appeal. In the segment now dominated by the emergency loan from the building societies. Again, the eradication suspended, the customer pays a monthly into a savings contract at the end of the duration of the credit wipes.
The Hypo-Port Management estimates that there is still one in ten loans with repayment replacement sold. Of this 85 percent goes into building contracts and 15 percent in life insurance. This information is based on the transactions on the Europace platform, on which, according to the company's mortgage lending volume of approximately one billion euros per month is completed. This corresponds to approximately ten percent of the market.
This is still a lot, because most mortgage experts advise meanwhile by an eradication replacement, because this model is usually not worthwhile - and because most consultants that the client does not construct solid before and durchrechnen. Because of insurance should be guaranteed only with the benefit calculated, and then you can see quickly that this variant does not pay off, as Stefan Albers, president of the National Association of Insurance advisors from his practice reported.
In the alternative over a building contract, a fixed loan, worth at least a second glance. But only if the consultant also computed exactly, says Professor Heinrich Bockholt Mortgages. Ultimately, was crucial, what model of the loan at the same rate is paid off first.
"The core problem is that there is a spread business," says Albers. "We speculate that the rate of life insurance, including all costs is higher than the effective interest rate of the loan. And this bill is simply not on," notes Albers noted.
Because in practice it is so complete that the end performance will be used, although in a footnote pointed out that the sum is not guaranteed. His criticism: "These are models which have been developed, the commission payments to be optimized."
Credit expert Max Herbst advises finance with a bullet maturity loans or insurance fund with savings plans, ahead of an additional regular redemption, to enable possible loopholes in the end reduced or avoided.
The majority of farm house would be better to use conventional annuity: Thus, even when insurance association GDV to loan policies combination: "The business is still there, but the life insurer and the customers have lost interest." An happiness, Bremer said the consumer protection Arno Gottschalk. The victims are even advised to consider whether the intermediary in the past has advised not wrong.
When you look at the real estate advertisements in the newspaper, many readers crabby. Too high and the rents seem much too small and uncomfortable, the homes offered for sale. Despite economic crisis and hardly measurable inflation rates are the rents in 62 percent of German cities during the first quarter compared to last year's period, reported the Economic Research Institute Empirica. In some cities, even by just under 20 percent.
Why, then fatten the landlord, rather than being an object to buy? We have the interest for building more low, moderate, prices in many places. Now is the time to buy a property cheap. The bill, however, only when the buyer's finances solid object. Just lurking in the credit, however, many traps, the budget quickly amount to a five-incrimination.
High Collateral: Strong surcharges
Of the currently low interest rates benefit especially borrowers, which in recent years, greater amounts were saving. Who is little or no equity in the purchase can offer, it must pay high surcharges. "The banks are currently in the private mortgage lending more cautious than before, and just pay attention to a high equity share," says Oliver Mihm, Chief Executive Officer of Investors Management Consulting Marketing.
As a result, mortgage loans with a value of one hundred percent up to one percentage point higher than loans for objects with a repayment rate of 50 percent. Between a percentage point more or less are loans worlds. A similar loan of 100 000 euros more expensive in the course of the ten-year rate of around 10 000 euros.
Collateral loans with extreme should therefore only select clients who have no other choice and financially in the future are protected. This applies to civil servants or young upwardly mobile families to the need to step in when the rates may be.
Who terminate such funding should also be sure that not a few years, a move is pending. If the selling price well below the purchase price is otherwise threatens a financing gap. "Many customers underestimate the risk of a threat over," says Arno Gottschalk from the consumer center of Bremen.
Foreign currency loans: Losses in the yen and Swiss franc
Still, for loans with high mortgage, the customer knows what to play him. A look at the amortization table shows how the loan amount of each installment with a little shrinking. Slowly but surely.
For foreign currency loans, it is different. These customers in Germany take a credit in a foreign currency, mostly in Swiss francs or Japanese yen. Such loans are too fabulously favorable interest rates. Loans in Swiss francs, there is already an interest rate of 1.6 percent in yen for 1.2 percent.
In addition to low interest rates, customers of the development of foreign exchange rates profit. If the euro compared to the franc or the yen falls, reduces the loan amount to the same extent. The problem: In recent months, the bill does not occur.
In September 2000, one euro was still worth 93 yen. Since it was a long time, constantly high. In September 2007, the euro at 165 yen, it currently costs 132 yen more. The development of the Swiss franc was not as extreme, but for foreign debtors equally unpleasant.
An account of the Frankfurt financial advice FMH shows how dramatically the turmoil in currency markets to the credit impact. About the beginning of 2007 a loan of 100 000 Swiss francs had been made in relation to a loan in euros for the higher interest until the beginning of June a loss of approximately 5 600 Euros. Upon completion in January 2008 is the difference at about 6 500 euros.
Still higher, the losses in yen loans. The same credit more expensive for completion in January 2007 compared to a German standard loans at 11 700 euros. Who's financing, agreed in early 2008, laments a difference of 14 300 euros. "Foreign currency loans are risky and only for foreign exchange professionals," says owner Max FMH autumn.
Variable loans: interest rate risk increases
With very low interest rate of two percent currently attract numerous agents and banks for loans in euros. Traditional loans cost on average to 2.5-fold rate. The difference: The Cheap loans are at a variable interest rate. The conditions are based on Euribor - the rate at which banks lend money among themselves.
This reference rate since the peak of the financial crisis have fallen massively. Three borrow money, the banks in the euro zone is currently less than 1.3 percent. This is a result of the drastic rate cuts by the European Central Bank. Moreover, the central banks around the globe, the money markets with liquidity formally flooded.
The demand for loans is variable in size. So as the mediator reported to the ING Group belonging Interhyp a significantly increased interest in variable loans. Also, the latest figures from the transaction platform of the Berliner Europace financial services Hypo port suggest that the demand for variable loans since the beginning of the year increases, although the traditional annuity far dominate.
Financial experts and conservationists warn consumers long before the risks and side effects of this financing. "It is an interest rate bet," says Dirk Scobel by the consumer center of Hamburg. In fact, the current favorable interest rate is usually only for three months. Then he will be again at the three-month Euribor adjusted.
This may well go for a while, if interest rates stay the same or decrease. But it can become expensive if interest rates rise. And with a euro rate of one percent is not much room down. If the monetary injections by the central banks and the trillion-economic programs of many countries, inflation is rising again - not a few economists fear - then also the more expensive loans accordingly.
"Whoever has little air, which should steer clear of it," warns consumers Scobel protectors. "Otherwise the funding to fly him around the ears, if interest rates rise." Interhyp spokeswoman Heidi Muller added: "Such loans are suitable only for people who also watch the interest rate market."
The strategy, a period with low interest rates with a variable loan to bridge and just before interest rates rise in a traditional loan with fixed interest rates agreed to switch, but not always. "Most are surprised by the rise in interest rates and then pay in comparison to conventional mortgage loan on it," says Herbst.
Thus, the short-term interest rates, as measured by the Euribor, in the past ten years, approximately twice already in a relatively short time on the five-percent market increase. If something happens, increase the monthly rate exorbitant. Without adequate reserves, the borrower can dramatically rising rates of no more use.
Advantages of a variable loan, if in the near future higher payments made or about a higher amount, say from an investment, is due to you will include the financing. Indeed, a Euribor Loan is usually every three months, fully or partially repaid without high fees as the annuity due.
Bounce missed
However, not all advertise vendor with low variable loans. Some calculate that even for more than ten-year mortgages. "This allows the banks to pay the cost if the customer after three months off," says Herbst. So if you are on his or Sparkasse Volksbank goes to a favorable loan process variables should be taken to make disappointments. In this terrain is dominated by mortgage brokers.
For loans with a variable interest rate ceiling (cap) to calculate the processing fees in addition to providers also have a so-called cap premium. This increases the interest in the selected period is not over the agreed limit. The but is already at ten-year bonds over six percent. Therefore, experts recommend that as autumn or Scobel: currently prefer to remain favorable, and long-term interest rates for ten or more years planning security.
Policy loan: Bets lost
Safety planning also miss Customers who several years ago with a bullet maturity loan repayments agreed. You pay the bank over an agreed period only the interest and waive the gradual eradication of the debt, as in classical annuity usual. At the same time, the borrower from a life in which it month by month until the end of the loan term deposit.
With the projected amount, so reckon it's still a lot of representatives that can easily repay the loan. In addition, tax advantages, especially if it is rented objects.
Such models expressed Mortgages consultants and vendors, according to industry experts, until a few years ago into the market massively. Instead of eradicating invested real estate buyers in life insurance, savings or investment contracts. The second stock market crash in a decade, the variant with investment custodians made to load. "Since almost no one is building its funding it," says Thilo Wiegand, a board member of the Berlin financial services Hypo port.
But the stock market turmoil of this decade have also promised profits of life insurance made for wastage. Moreover, the policies after the abolition of tax privileges in 2005 lost its appeal. In the segment now dominated by the emergency loan from the building societies. Again, the eradication suspended, the customer pays a monthly into a savings contract at the end of the duration of the credit wipes.
The Hypo-Port Management estimates that there is still one in ten loans with repayment replacement sold. Of this 85 percent goes into building contracts and 15 percent in life insurance. This information is based on the transactions on the Europace platform, on which, according to the company's mortgage lending volume of approximately one billion euros per month is completed. This corresponds to approximately ten percent of the market.
This is still a lot, because most mortgage experts advise meanwhile by an eradication replacement, because this model is usually not worthwhile - and because most consultants that the client does not construct solid before and durchrechnen. Because of insurance should be guaranteed only with the benefit calculated, and then you can see quickly that this variant does not pay off, as Stefan Albers, president of the National Association of Insurance advisors from his practice reported.
In the alternative over a building contract, a fixed loan, worth at least a second glance. But only if the consultant also computed exactly, says Professor Heinrich Bockholt Mortgages. Ultimately, was crucial, what model of the loan at the same rate is paid off first.
"The core problem is that there is a spread business," says Albers. "We speculate that the rate of life insurance, including all costs is higher than the effective interest rate of the loan. And this bill is simply not on," notes Albers noted.
Because in practice it is so complete that the end performance will be used, although in a footnote pointed out that the sum is not guaranteed. His criticism: "These are models which have been developed, the commission payments to be optimized."
Credit expert Max Herbst advises finance with a bullet maturity loans or insurance fund with savings plans, ahead of an additional regular redemption, to enable possible loopholes in the end reduced or avoided.
The majority of farm house would be better to use conventional annuity: Thus, even when insurance association GDV to loan policies combination: "The business is still there, but the life insurer and the customers have lost interest." An happiness, Bremer said the consumer protection Arno Gottschalk. The victims are even advised to consider whether the intermediary in the past has advised not wrong.