I signed a «promesse de vente» regarding a flat to be built and finished in 2023. I paid the 10% in cash and I am now in search of the best financement for the 90% left. I have the other 10% in second and third pillars. I have more or less 18 months to find a financement.
My financial situation in order to apply for a mortgage is not the best currently: temporary work contract, 80% for a long term mission scheduled to end next Spring. I expect to be able to increase my income of at least 20% to 30% after my job change. Currently my income is 95k CHF / year, my previous job was at 140+ kCHF / year, my next job will probably be around 130k CHF / year. Flat price is 740k CHF.
For legal reasons I had to buy the flat with a member of my family which is retired and cannot provide any funds. Due to this, the bank that supported the sale of the flat and made the « financial due diligence » for the seller gave the green light for a financement, but only with a down-payment of 30%, which I cannot afford at the moment. The explanation of the 30% of own financement (instead of the usual 20%) was because of the retired member of my family. Apparently a directive of the Swiss Bankers Association obliges the banks to apply a 30% « cash » financement instead of 20%, probably due to the higher risk represented by a retired person in comparison to a younger, active person.
Do you think that it is worth to start searching for a financement now, or would you wait until I have changed jobs with a better financial situation next year?
Any input welcome.
Many thanks in advance.