2023-10-10 08:15:39
The private consumer protection association (VSV) wants to support borrowers who feel they have been wrongly advised regarding the risk of variable interest rates when taking out a real estate loan. VSV chairwoman Daniela Holzinger-Vogtenhuber calculated today that domestic banks had granted around 50 percent of mortgage loans with variable interest rates, while in the euro area it was only 23 percent.
“The reason is probably that with variable interest rates, the bank passes on the risk of interest rate increases to the borrower and saves itself from having to secure a fixed interest rate – where the bank bears this risk – separately,” she suspects. There is evidence that many borrowers were lured by banks into variable interest rate agreements during the period of zero interest rates because it was clear to the banks that the key interest rates would rise once more at some point, she suspects. The banks deny such an approach.
“The VSV is therefore launching a collective campaign to uncover such advice errors, calculate the damage and assert claims once morest banks (and also credit brokers). Our trusted lawyer Mag. Robert Haupt has just filed a claim for damages once morest a bank and a credit broker Borrowers in 2021 as part of a debt restructuring – probably commission-driven due to the brokerage fee of around EUR 4,500.00 – were advised to switch from a cheap fixed interest rate to a variable interest rate,” reports Peter Kolba, chief lawyer at VSV in a press release.
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