Go Back   English Forum Switzerland > Help & tips > Housing in general  
Reply
 
Thread Tools Display Modes
  #1  
Old 10.05.2011, 14:00
Member
 
Join Date: Oct 2007
Location: Geneva
Posts: 183
Groaned at 3 Times in 2 Posts
Thanked 22 Times in 14 Posts
alanmack has no particular reputation at present
20% deposit.. use existing house as security?

Hi there,

We're considering buying an apartment in Switzerland. We don't quite have the full 20% deposit required to buy though. But we do own a house in Ireland (no mortgage) that's worth around 500k.

Is there any way the banks would take this into consideration to help finance buying an apartment here?

Thanks!
Alan
Reply With Quote
  #2  
Old 10.05.2011, 14:42
Senior Member
 
Join Date: May 2008
Location: Gächlingen SH
Posts: 254
Groaned at 1 Time in 1 Post
Thanked 180 Times in 63 Posts
vicladyuk is considered knowledgeablevicladyuk is considered knowledgeablevicladyuk is considered knowledgeable
Re: 20% deposit.. use existing house as security?

some friends of ours have done exatly that, using their house in england as collateral for deposit over here, i dont know which banks are involved but it can be done, suggest you go and have a general chat with all the main banks as some may be more flexible than others.....
Reply With Quote
This user would like to thank vicladyuk for this useful post:
  #3  
Old 10.05.2011, 14:48
Forum Legend
 
Join Date: Dec 2010
Location: ZH
Posts: 5,320
Groaned at 58 Times in 48 Posts
Thanked 2,708 Times in 1,614 Posts
SOBEIT has a reputation beyond reputeSOBEIT has a reputation beyond reputeSOBEIT has a reputation beyond reputeSOBEIT has a reputation beyond reputeSOBEIT has a reputation beyond repute
Re: 20% deposit.. use existing house as security?

Its a definitive NO with Credit Suisse.
Reply With Quote
  #4  
Old 10.05.2011, 15:09
mabern's Avatar
Forum Veteran
 
Join Date: Sep 2007
Location: V.South West of Zurich
Posts: 1,193
Groaned at 7 Times in 6 Posts
Thanked 417 Times in 285 Posts
mabern has an excellent reputationmabern has an excellent reputationmabern has an excellent reputationmabern has an excellent reputation
Re: 20% deposit.. use existing house as security?

I thought they didn't accept securities from abroad.
Another problem is "about 500k" in Ireland at the mo wont impress much I'd bet. They don't seem to believe values estimated outside their bubble free world... But you never know 'til you ask I guess!
Reply With Quote
  #5  
Old 10.05.2011, 15:45
Guest
 
Posts: n/a
Re: 20% deposit.. use existing house as security?

I'd be really interested to know how you get on on this one. They are likely to ask how realistic this '500k' is in the present climate, perhaps?
Reply With Quote
  #6  
Old 10.05.2011, 15:56
miniMia's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: romandie
Posts: 9,971
Groaned at 101 Times in 92 Posts
Thanked 9,106 Times in 4,522 Posts
miniMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond repute
Re: 20% deposit.. use existing house as security?

From what I've heard this is almost impossible as the bank can't seize a property in a foreign country. But you could take out an equity loan (over there) for the difference in the deposit and bring it over.
Reply With Quote
  #7  
Old 10.05.2011, 17:47
Newbie 1st class
 
Join Date: Feb 2007
Location: Basel
Posts: 15
Groaned at 0 Times in 0 Posts
Thanked 9 Times in 4 Posts
aluska has earned some respectaluska has earned some respect
Re: 20% deposit.. use existing house as security?

Quote:
View Post
Its a definitive NO with Credit Suisse.
And it is a definite NO with UBS too (from our own experience).
Reply With Quote
  #8  
Old 12.05.2011, 12:05
Junior Member
 
Join Date: Aug 2009
Location: Schaffhausen
Posts: 81
Groaned at 0 Times in 0 Posts
Thanked 26 Times in 16 Posts
Ethelreda has no particular reputation at present
Re: 20% deposit.. use existing house as security?

Yes - from UBS

I was in the bank last week enquiring about mortgages & they told me that this could be done. They suggested it not me.

Guess if you don't ask you don't find out.
Reply With Quote
  #9  
Old 13.05.2011, 20:45
Newbie 1st class
 
Join Date: Feb 2007
Location: Basel
Posts: 15
Groaned at 0 Times in 0 Posts
Thanked 9 Times in 4 Posts
aluska has earned some respectaluska has earned some respect
Re: 20% deposit.. use existing house as security?

Quote:
View Post
Yes - from UBS

I was in the bank last week enquiring about mortgages & they told me that this could be done. They suggested it not me.

Guess if you don't ask you don't find out.
hi,
it's interesting to know, of course we also asked (as we were counting on this) and were told many things initially, but when it came to the final negotiations, it was not accepted and we could not use our then UK house as a security even when we had no mortgage on it. Good luck if it works out for you, we had to go with a plan B.
Reply With Quote
  #10  
Old 13.05.2011, 20:55
miniMia's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: romandie
Posts: 9,971
Groaned at 101 Times in 92 Posts
Thanked 9,106 Times in 4,522 Posts
miniMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond repute
Re: 20% deposit.. use existing house as security?

Quote:
View Post
Yes - from UBS

I was in the bank last week enquiring about mortgages & they told me that this could be done. They suggested it not me.

Guess if you don't ask you don't find out.


??? A lot of people have asked. Maybe you could tell us a bit more as it seems there are others who would like to do the same but can't/couldn't.
Reply With Quote
This user would like to thank miniMia for this useful post:
  #11  
Old 13.05.2011, 21:07
KeinFranzösisch's Avatar
Forum Veteran
 
Join Date: Dec 2010
Location: Washington, DC
Posts: 2,198
Groaned at 63 Times in 38 Posts
Thanked 2,549 Times in 1,115 Posts
KeinFranzösisch has a reputation beyond reputeKeinFranzösisch has a reputation beyond reputeKeinFranzösisch has a reputation beyond reputeKeinFranzösisch has a reputation beyond reputeKeinFranzösisch has a reputation beyond reputeKeinFranzösisch has a reputation beyond repute
Re: 20% deposit.. use existing house as security?

Quote:
View Post
[/I]

??? A lot of people have asked. Maybe you could tell us a bit more as it seems there are others who would like to do the same but can't/couldn't.
I agree!!! I would love to buy rather than rent here in CH, but my money is tied up in the house I can't sell back in the US.
Reply With Quote
  #12  
Old 13.05.2011, 23:18
KB88111
 
Posts: n/a
Re: 20% deposit.. use existing house as security?

Raiffeisen.
Try the little guys. They are often flexible and thoughtful about the real risk and not the paper risk.

Don't try Postfinance - good to bank with but outsource you mortgage.

HTH
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Security deposit insurance summerrain Housing in general 46 16.06.2012 20:01
Return of Apt Security Deposit, What is the Law NYC-Basel Leaving Switzerland 1 18.11.2010 22:55
Security deposit question on leaving [Switzerland] kdjack Leaving Switzerland 31 09.05.2010 20:21
Security deposit insurance ... options? Hercules Beaverman Housing in general 8 15.04.2010 13:57
Delay in setting up security deposit account asdfasdf Housing in general 2 21.09.2007 21:58


All times are GMT +2. The time now is 02:19.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0