Upgrading to my 2nd property in CH

Real Estate
1

Dear Mustachians,

Bought a flat 3 years ago, this weekend my family and I visited a duplex flat with a nice garden near my kid’s school and wife’s work. Needs some work but it has potential.

I wasn’t thinking moving out since we get really well with the neighbors and we still have 7 years before renewing the mortgage but this one is really close to the lake and we would definitely improve our life style.

My question is regarding my mortgage, saw a Tik Tok from Edouard Clerc saying that it’s possible to increase the debt of the house and use that cash to invest in a new property.

Not sure if it would be possible to keep both or if the best would be sell one and buy the other.

Also since this one has a bigger mortgage is it possible to keep our mortgage interest and ask our mortgage lender the difference?

PS: I used Moneypark in the past and also considering Resolve to check my current situation.

Thanks Mustachians!

2

Hello,
I’m not sure about the veracity of the experiences of Edouard Clerc. I know he’s making lots of paying ads to flood social media.
I think the best person to answer your question will be your advisor at the bank.

Prepare the numbers of the new project and ask him if you could partially finance it with your current flat valuation.
Either the valuation of your current flat went through the roof either your reimburse a large amount of your ongoing mortgage.

1 Like
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Thanks a lot for your answer. My advisor was not available today, I already prepared the numbers as you also suggested. Let’s see if renting is an option or if I need to sell one to get the other. The current mortgage interest and the notary costs may be decisive.