Our service for you - answers to the most frequently asked questions

Financing application: How can I apply for a loan from FLEXHYPO?

First of all, we need your completed financing application as well as some documents about the property to be financed and your income situation. You can find out which documents these are on the last page of our financing application.

Offers: Does FLEXHYPO make offers that are subject to change?

telephone or in writing. In any case, however, we recommend that you have a consultation with one of our advisors, which is completely non-binding for you.

We will be happy to make you a binding offer if you provide us with the complete financing application together with the necessary documents. The easiest way for you to do this is to sit down with us for a consultation so that we can collect all the essential data directly.

What documents must be presented to the bank?

This varies from bank to bank. You will find the essential documents in the appendix to the loan application. Supplementary documents are requested individually with the financing proposal and the offer.

How long does the processing take and when is the payment made?

We will check your financing application together with the enclosed documents within one working day of receipt. After any questions have been clarified with you, you will immediately receive your binding offer with the current conditions.

Ab dem Versand haben Sie, je nach finanzierendem Institut die folgenden drei bis fünf Werktage Zeit, uns gegenüber die Annahme dieses Angebotes zur Sicherung der Konditionen schriftlich zu erklären. Auf Grund der kurzen Annahmefrist empfehlen wir Ihnen, uns die Annahmeerklärung vorab per Email zu übermitteln.

We will then pass on the documents we have and your acceptance to the lender you have named. After a short time, you will receive the final commitment in the form of a loan agreement with the agreed conditions.

The preparation of the contract can occasionally take a little longer due to special circumstances. However, in order to ensure that we can take care of your financing as quickly and smoothly as possible, we ask you to inform us of your desired disbursement date as early as the financing application stage.

Please note that after the conclusion of the loan agreement, the land register securities for the disbursement of the loan still have to be created. To be on the safe side, you should allow a period of about four to six weeks - calculated from the date of application - for this. This period of time is significantly influenced by your cooperation and the speed of the notary you have commissioned and the responsible land registry office. We can only guarantee payment in less than four weeks from the date of application in exceptional cases.

What is a KfW loan?

KfW loans are often very low-interest promotional loans granted by the Kreditanstalt für Wiederaufbau to private real estate buyers and builders. However, these promotional loans are not used for complete real estate financing. As a rule, they serve as supplementary building blocks to the main financing.

What about partial withdrawals and a partial withdrawal fee?

For new buildings (possibly also for extensions or extensions), the loan is generally paid out in up to seven instalments in accordance with the German Real Estate Agent and Property Developer Ordinance (MaBV) without interest surcharges, depending on the progress of construction. If you wish to deviate from this, please inform us. It may also be that a lender is not prepared to allow seven partial payments due to special circumstances (for example in the case of special quotas). However, we will inform you of this separately. There are no costs for these partial disbursements.

Data protection: What happens to my personal information?

Schüßler-BauFinanz treats your personal data as strictly confidential. Of course, they will not be passed on to third parties - except the financing institution - but will only be treated in your interest and in accordance with the applicable data protection regulations.

Can I change the building insurance when I buy?

In the course of purchasing a property, you automatically enter into the already existing building insurance (cf. § 69 VVG). However, you can cancel this building insurance within one month after the transfer of ownership in the land register with immediate effect or at the end of the current insurance period (cf. § 70 VVG). You can then take out a new insurance policy with a company of your choice.In order to take advantage of the insurance premium already paid by the seller, we recommend that you terminate the policy at the earliest at the end of the current insurance period.The insurance company should be notified of the purchase or sale. (cf. § 71 VVG)

Conditions: What are the current offers from FLEXHYPO?

We arrange the most favourable interest rates on a daily basis, which are communicated to us by the banks via our service partners. You will find the best interest rate determined for your request in our financing proposal.

What does the FLEXHYPO service cost me?

For you as a borrower, our service is completely free of charge.

How is FLEXHYPO financed?

We receive a commission and, if applicable, a service fee from the financing banks for the mediation, examination and processing of your loan application. However, due to the high quality and efficiency of our processes as well as the electronic processing, this service fee for the financing institution is considerably lower than, for example, the processing via the bank's own branch. Our financing partners pass on these cost advantages of processing via Schüßler-BauFinanz to the customers of Schüßler-BauFinanz in the form of particularly favourable conditions.

What is the difference between nominal and effective interest rates?

The nominal interest rate indicates the amount of interest on your loan and is used to calculate the price-determining factors from the regular credit history.

These factors are the nominal interest rate, the processing fees, interest and redemption settlement dates, the redemption rate, the start and amount of redemption and the payout rate. These factors are distributed over the agreed fixed-interest period in the calculation. The result is the effective interest rate, which gives you the total cost of the loan per year as a percentage and serves as a theoretical comparison figure.You can use the effective interest rate to compare loan offers with the same fixed-interest period. For this, however, all price-determining factors in the respective offers must be identical except for the nominal interest rate.

However, since you are not always given the calculation factors, a price comparison using the effective interest rate is only possible to a limited extent. The comparison is also made more difficult by a number of other costs that are not included in the effective interest rate, such as the costs for an appraisal, commitment interest, partial redemption and account management fees.We therefore recommend that, in addition to the effective interest rate, you also thoroughly check the other costs for the loan you want.

How do I calculate the monthly loan instalment?

You can calculate the monthly rate using the following formula:

Annual instalment = loan amount x (nominal interest rate + repayment rate) / 100

Monthly rate = Annual rate : 12

Example: Loan amount: 200,000 eurosNominal interest rate: 5 per centRedemption rate: 1 per cent

Annual instalment: 200,000 euros x (5 + 1) / 100 = 12,000 eurosMonthly instalment: 12,000 euros : 12 = 1,000 euros

Term: How long does a loan run for?

The term depends on the selected repayment rate and the interest rate for the loan. The higher the repayment rate and the interest saved by the repayment portions included in the monthly instalments, the shorter the calculated term.

Fixed interest rates: What fixed interest rates can be agreed?

The nominal interest rate is usually agreed for a fixed period of 5 to 20 years - the so-called fixed interest period, after which a new fixed interest period can be agreed at the conditions then prevailing on the market.FLEXHYPO also offers terms of less than 5 and more than 20 years. Short-term loans, so-called interim financing, can also be applied for through us.

What options are there for unscheduled repayments?

Unscheduled repayments are possible during the agreed fixed-interest period. However, it is mandatory that this be included in our binding offer to you. Therefore, please indicate in the financing application whether and which unscheduled repayment right you would like for your loan. Interest surcharges may be levied for the unscheduled repayment options, depending on the respective financing bank, the fixed-interest period and the loan-to-value ratio. At the end of any agreed fixed-interest period of more than ten years, you can terminate the loan free of charge for repayment after ten years. You only need to refer to Section 489 of the German Civil Code (BGB) and observe a notice period of six months.

When does repayment start and can it be suspended?

For mortgage loans, a repayment of at least one percent per year from full disbursement is generally agreed. However, a suspension of the repayment is possible if you offer the lender an endowment life insurance policy, a fund savings plan or a building savings contract for the loan repayment. The building savings or maturity sum of the life insurance must match the loan amount.

When and in what amount does commitment interest accrue?

Interest for commitment (usually 0.25 per cent per month) is charged for the period between the loan commitment and disbursement of your loan. In the case of partial disbursements, the commitment interest only applies to the loan amount not yet disbursed. For the first three to six months, most of the credit institutions working with us do not charge any commitment interest. At your request, an extension of this period is possible for a small interest surcharge.

Are there any fees for partial withdrawals?

If the loan is disbursed in parts within the framework of the contractual agreements, our banking partners naturally do not charge any fees.

What other costs or fees will I incur as a result of processing the application?

With most of our banking partners, you will not incur any processing, appraisal or account management fees. Of course, our work is normally completely free of charge for you.