Loan to Value: Varies from lender to lender, for non residents 65% is normal.
Term: 5 to 35 years.
Interest rates: Please contact IMM for a personal quote
Proof of Income: This is always required, loans are full status, minimum documentation schemes are available for high net worth clients. Please contact IMM for further details.
Fees: Swiss banks typically charge small fees of under 0.5% of the mortgage amount. Notary fees, land registration and Government taxes vary depending upon the canton but are roughly 2.5% of the price as a general rule. Lenders may also require a mortgage bond which will be charged at 1.4% of the loan amount. There may also be valuation fees which will depend on the value and location of the property.
Legal issues and Valuation
Remember: don’t sign anything or put down a deposit until you have taken legal advice. Your lawyer or Notary will be able to extensively cover the legal costs and taxes you are liable for prior to committing yourself to a purchase or remortgage. Restrictions are in place on foreigners buying property, and so you must establish that the property has the correct permits enabling it to be owned by a non-Swiss national. A Swiss Notary is a public official who acts for the purchaser and the vendor to ensure that the correct legal framework is followed.
IMM will liaise with your lawyer/notary throughout the process. Valuations are straight forward in Switzerland, be aware that some lenders do not enact UK standard valuations.
Applying for a Mortgage
Please contact us as soon as possible to arrange an approval in principle. This will enable you to find out how much you can borrow and obtain initial terms. If you haven't found a property that you want to buy we can help you to establish your affordability and issue an approval in principle based on your current financial situation.
Please feel free to contact us europe@intl-mortgage.co.uk or request a quote
