Financing your own residence: The pitfalls of building savings | EUROtoday

Building societies are joyful about quite a few new offers. But previous clients argue with their suppliers about cancellations, bonuses and costs. If a letter comes from the building society, warning is suggested.

DInterest charges have risen sharply in current months. Financing your own residence has subsequently turn out to be correspondingly dearer. And since German residents are usually security-oriented on the subject of their own wallets, building savings have turn out to be extra engaging once more with rising rates of interest. Finally, you may safe mortgage curiosity with a building savings contract – additionally so as to have the ability to finance the photo voltaic system on the roof, balcony or different renovation work in just a few years.

“The interest rate turnaround led to record results for building savings in 2022,” says Alexander Nothaft, head of communications on the Association of Private Building Societies. After all, with a building savings contract you may nonetheless safe building rates of interest of between 1.5 and a couple of.5 %. Depending on rates of interest and lending, a great 4 % is at the moment due in the marketplace.