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Old 09.01.2020, 17:20
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hypothek

Hi all,
I am really bad with the finances and i cannot find a way out from the current situation.


The bank says: I will give you a 10years hypothek for the whole amount(let's say 750 000CHF). Interest rate for the whole amount: 0.95%


Initially the offer had 3 alternatives. Each split in 2 or 3 hypotheks.


Now they impose only one.


What shall i do? Shall i ask to at least split the big sum in 2 hypotheks (eventually with uneven amounts) or simply accept what they impose?
What would you do in my case?


Thank you for any idea or advise!
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Old 09.01.2020, 17:35
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Re: hypothek

What are the details of the other offers?
Is there any amortization during the 10 years?
Do they also offer a 15 year?
How much can you save up and pay back at maturity of each mortgage?
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Old 09.01.2020, 22:14
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Re: hypothek

Don't split your mortgage or you are for ever tied to that particular bank as it is exceptionally difficult to get 2 banks to each give part of a mortgage on a single property.


Interest rates are not going up now or in near future, 0.95% for 10 yeas is not bad, but it depends on your particular circumstances, a least you know each month for the next 120 months what you got to pay.
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Old 09.01.2020, 23:28
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Re: hypothek

Quote:
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Hi all,
I am really bad with the finances and i cannot find a way out from the current situation.


The bank says: I will give you a 10years hypothek for the whole amount(let's say 750 000CHF). Interest rate for the whole amount: 0.95%


Initially the offer had 3 alternatives. Each split in 2 or 3 hypotheks.


Now they impose only one.


What shall i do? Shall i ask to at least split the big sum in 2 hypotheks (eventually with uneven amounts) or simply accept what they impose?
What would you do in my case?


Thank you for any idea or advise!
I find it unusual they offer you one single "Hypothek" of that amount. You either have more than 30/35% equity capital and/or the house is definitely worth the price.

Normally the first Hypothek you can keep running for life (yes of course with adaption of interest rate after the agreed period ends) while the second Hypothek has to be fully payed back at a certain date.

So my spontaneous thought is: Consider yourself lucky. If the bank is decent = established and if you did not conceil any important information here.
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Old 10.01.2020, 07:40
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Re: hypothek

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What are the details of the other offers?
Is there any amortization during the 10 years?
Do they also offer a 15 year?
How much can you save up and pay back at maturity of each mortgage?

In the last offer they dont talk about amortization. The previous offer was saying 15 years amortization. I have to double check this aspect. Anyhow this is an excellent question and i will ask them. Thank you!!!
Regarding save up and pay back, my calculations shows me that i can save up in 5 years the amount which will bring the mortgage under 66% of the price of the house.
Thank you once again for all the input i received. Really appreciate it!!!
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