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Old 15.03.2021, 12:00
jim1 jim1 is offline
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Re: Clarification on Mortgages

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Hi everyone,

I have been reading the posts on EF and yet I have some unanswered questions.

- Assuming getting a mortgage to buy a property for yourself, why should that person pay 1% value of the property as a cost to the bank?!!!!

- Reading UBS website, says each property requires max 2 mortgages (13% and 67% +20% down payment). the 13% should be paid within 15 years. Why some people say then another mortgage is required. why?!!!

- Let's say I want to have my first property and I have 20% of it ready and I get the mortgage. Then after 6-7 years, I pay off that 13% of the mortgage.
If I want to buy another property, do I have to pay again 20% of the new property, or I can use the current property as an equity? Do I have better condition to get a mortgage for a new property?

Thanks
What are you trying to do with the 2nd property - buy a holiday home for personal use or rent out (investment property) ? As the answer depends
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