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Old 27.04.2015, 18:21
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Help Mortgage whilst on Chomage

Has anyone ever bought a house (with partner) whilst on Chomage? Can you pls refer me to your contact. I have suddenly lost my job mid-way through the process and now some banks have rejected us due to chomage status.
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Old 27.04.2015, 18:23
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Re: Help Mortgage whilst on Chomage

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Has anyone ever bought a house (with partner) whilst on Chomage? Can you pls refer me to your contact. I have suddenly lost my job mid-way through the process and now some banks have rejected us due to chomage status.
Not having a job will not make you a good risk, unless the deposit is very high. Perhaps pointing out that you had lost your job was not clever.
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Old 27.04.2015, 18:24
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Re: Help Mortgage whilst on Chomage

Does your partner work? No-one will give you a mortgage unless you fulfil the criteria for lending based on joint salary.
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Old 27.04.2015, 18:26
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Re: Help Mortgage whilst on Chomage

Yep he does. We qualify on joint income (assuming chomage). It is just the risk factor.

@fatmanfilms- being clever has nothing to do with it. You are legally bound to declare it.
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Old 27.04.2015, 18:40
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Re: Help Mortgage whilst on Chomage

It should be quite simple - if your partner's income is enough to satisfy the bank on its own, without you earning at all, then you should be fine. If not I doubt you'll have much of a chance.
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Old 27.04.2015, 18:55
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Re: Help Mortgage whilst on Chomage

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Yep he does. We qualify on joint income (assuming chomage). It is just the risk factor.

@fatmanfilms- being clever has nothing to do with it. You are legally bound to declare it.
Chomage will not count......... I can't believe you don't understand this or even bother to ask the question.
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Old 27.04.2015, 19:13
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Re: Help Mortgage whilst on Chomage

Fatmanfilms, I have merely asked for a reference from folk who have been in a similar situation. it seems you have not been in that situation and on top your comments are not helpful. Really there is no need.
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Old 27.04.2015, 19:25
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Re: Help Mortgage whilst on Chomage

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Fatmanfilms, I have merely asked for a reference from folk who have been in a similar situation. it seems you have not been in that situation and on top your comments are not helpful. Really there is no need.
Well you have to be eligible for a mortgage, you know your not (any longer) & told the Bank as much. I have been on Chomage & bought a property at the same time. Your only option now is to pay cash or find a job.
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Old 27.04.2015, 20:27
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Re: Help Mortgage whilst on Chomage

Switzerland does not have "liar's loans" as such. However there are two possibilities where the normal criteria do not apply:

1) Where the proposed mortgagee has financed the project and has an interest in seeing all the flats sold.

2) Where there is income from abroad.

I do not know that Switzerland has "mortgage brokers" the way the UK does. When I was involved in housing finance we referred people to such firms as Savills for UK business. I remember assisting a client where -- astonishingly -- the Swiss cantonal bank only cared about the gross revenue from foreign (non-Swiss) lettings, not the net. I was flabbergasted that they loaned our client nearly a million francs when he had no gainful employment, only investment income and a (modest) pension.

That was then, this is now. But really what has changed except FATCA?

Surely the estate agent (agence immobilière) can provide advice?
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Old 29.04.2015, 13:26
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Re: Help Mortgage whilst on Chomage

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Well you have to be eligible for a mortgage, you know your not (any longer) & told the Bank as much. I have been on Chomage & bought a property at the same time. Your only option now is to pay cash or find a job.
FMF, that's interesting!

what percentage in your experience would be classified a large enough deposit 40%, 50% etc?

Would they look at your savings and assets which could cover the loan amount 100%(including the deposit already paid)?

Does the bank approve the loan knowing that there is no job, but there are other sources of income(rent etc, but not including RAV payments) and savings. Their criteria for calculating the risk is crucial here.

OR

Coincidentally, the loan application with the job details is done when employed and the job was lost during the process. So basically the loan was granted on the basis of the employment income.

TIA
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Old 30.06.2015, 15:47
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Re: Help Mortgage whilst on Chomage

Guys to close this out. In the end I did get a mortgage with CA. All others rejected us. They took 50% of the chomage as income and thus I had to put much more down as the cash deposit. How stressful.
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Old 30.06.2015, 17:59
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Re: Help Mortgage whilst on Chomage

What happens when chômage runs out though if you havent't got a job by then, which is sufficient to be entiltled to mortgage. I have to say I am really surprised CA agreed, knowing this might happen???

You ask on another thread for an extension of chômage, which is almost 100% sure will not happen, so what then? Especially if the sitting tenant has been there a long time on low rent- and you have to pay rent for your own accom until he leaves?
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Old 30.06.2015, 19:00
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Re: Help Mortgage whilst on Chomage

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What happens when chômage runs out though if you havent't got a job by then, which is sufficient to be entiltled to mortgage. I have to say I am really surprised CA agreed, knowing this might happen???

You ask on another thread for an extension of chômage, which is almost 100% sure will not happen, so what then? Especially if the sitting tenant has been there a long time on low rent- and you have to pay rent for your own accom until he leaves?
CA seem to be pretty loose with its lending. I know a couple of people they lent to under unusual circumstances e.g. 90% LTV.
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