So you’ve decided that you want to buy a home. You’ve looked at a few neighbourhoods, you’ve done some research and you’re ready to take the plunge. So what now?
Recognize the differences
While there are differences between every country when it comes to mortgages, there are some particular quirks that you might not be aware of.
For example, mortgages are structured over a much longer period than you may be used to – 50 years being fairly common. Indeed, mortgages are often passed on from generation to generation! One benefit of these longer mortgage periods is that you get some pretty spectacular interest rates.
On the other hand, if you come from certain countries and have not yet secured residence, you may need to apply for a special buying permit to purchase a property.
If you use a home financing tool such as Hyppo, which has a keen understanding of the mortgage market in Switzerland, you will often find that you have more buying power than you think.
Know what you’re working with
Speaking of affordability, Switzerland’s flexibility with how you’re able to fund your mortgage means that putting together a deposit may be one of the easiest steps in the process.
For example, Switzerland allows you to fund your mortgage with your pension fund. While there are many in their early stages of their career who won’t have accrued enough for an entire deposit, it can be the difference between purchasing a good and a great property.
Hyppo walks prospective homeowners through a series of carefully devised questions, in order to gauge exactly what financial resources they have – even if they might not be aware of them yet. From there, Hyppo is able to present them with a potential offer.
Organize your paperwork
Obtaining a mortgage can be a complex process, with many steps and lots of paperwork. As a country where three languages are spoken, and cantons with differing requirements for home ownership, it can seem almost impossible.
This means that you will need to keep immaculate records of every step in the mortgage acquisition process – you will often be asked to show proof of various things, and this will mean a lot of back and forth between you, the bank and lawyers.
If you opt to optimize your mortgage with Hyppo, much of the pain of this part of the process can be removed. As one of the first digital mortgage specialists in the country, they can walk you through every step in the process and help you keep everything in order. You’ll be able to refer to them for specialist assistance at any stage from start to finish, and you’ll have more time to do the important stuff – such as getting to know your new neighbourhood.
Best of all, with Hyppo, there is no financial obligation during the inquiry process, and you’ll work with them knowing that they’re specifically designed to assist international professionals in the same position as you.