Good afternoon everyone! Hope some Guru of Swiss real estate industry can help me with a question.
Little back ground and goal check:
I am Swiss guy, married, soon to turn 27. We are expecting a baby with my wife, and I love the idea of baby being born and raised in the owned apartment instead of rented one. Also having interest rates lower than ever before is tempting.
We currently live in VD Gland, and it seems to be absolutely perfect place for us where we want to stay for long. We currently rent a 3.5 rooms 80m2 apartment in a new and very nice building for 2450 CHF including charges and underground parking, buying anything smaller does not make sense in my vision. Our dream property would be 3.5 or 4.5 rooms in or very near Gland which brings us to the average value of about 1M including purchasing fees.
Current Net Worth is 222’ 286 CHF According to YNAB (thanks to this forum I use it on daily basis)
2nd Pillar around 8k (apparently I can not withdraw it, if it is under 20k, thats what Allianz told me)
3rd Pillar 11k with Viac (Again all thanks to you =)
The rest is Cash and IB
My Gross income is around 140k out of which 90k is fixed and 50k is a bonus (I am a sales agent)
My Wife does not work nor has any Pillar savings, and would probably return to the employment market only in 2-3 years due to the baby.
NOW to the question (Urgh its getting long) :
I have visited Migros Bank last week, and asked them to do an analysis in my financial situation and what Mortgage sum I can hope to get. I understand that interest rate can be different a bit from Bank to Bank but the base calculation would be the same in all banks.
They have given me a figure of only 102 000 net income, I guess due to leasing on my car (480x12=5760), unemployed wife, and lower fixed base salary, i guess that in the few month baby costs would add up to the costs.
If I pledge all my NW (lets assume 200k) then they would give me 590k Mortgage which total to 790k CHF property value. In order to afford a 1M property I would need to save up for 370k downpayment which will take me approximately 3 years, this is definitely longer than my plans and also I would not be comfortable to fix so much cash in real estate, when it can be invested in IB.
The other solution I see is to wait until my wife can start working and pledge both of our salaries for the mortgage, but this will be possible only in 2-3 years, so the time span is kind of the same.
I would definitely get rid of my leasing in the nearest future.
Are there any other concrete ways to increase the net income in the eyes of the Swiss banks in oder to hope for a higher mortgage? (except of working harder at my current job )))
And reality check: should I even think of buying a real estate at this stage in life, or it would be wrong decision in your truthful opinions.
Sorry for making it very long, and thank you for being so patient with my essay =))