Vorfälligkeitsregelungen

Vorfälligkeitsregelungen, also known as prepayment clauses or prepayment penalties, are contractual provisions included in mortgage agreements that outline the terms under which a borrower can repay a loan before its scheduled maturity date. These clauses are common in fixed-rate mortgages, particularly in countries like Germany, where long-term financing is often structured with such conditions.

The primary purpose of a Vorfälligkeitsregelung is to protect lenders from potential losses that could arise if borrowers repay their loans early, especially when interest rates have fallen since the loan was taken out. When interest rates decrease, borrowers may be tempted to refinance or repay their existing loan to secure a lower rate, which could reduce the lender’s income from interest payments over the remaining term of the loan.

Under a Vorfälligkeitsregelung, the borrower may be required to pay a penalty or compensation to the lender if they choose to repay the loan early. The exact terms of the penalty vary depending on the loan agreement and applicable laws. Common methods of calculating the penalty include a fixed fee, a percentage of the remaining loan balance, or a calculation based on the interest savings the lender would have earned over the remaining term of the loan.

In Germany, the Civil Code (*Bürgerliches Gesetzbuch*, BGB) regulates such clauses, particularly under § 490, which governs the conditions for early repayment of mortgages. The law allows lenders to charge a reasonable compensation for early repayment, but this must not be excessive. Borrowers have the right to request information about any potential penalties before deciding to repay their loan early.

Vorfälligkeitsregelungen can impact a borrower’s financial planning, as early repayment may still be advantageous despite penalties, particularly if market interest rates are significantly lower than the borrower’s current rate. It is essential for borrowers to carefully review their loan agreements and consult with financial advisors to assess whether early repayment is financially beneficial.