⏱ 1 min read
Background
The Swiss Bankers Association requires owners to be able to bear a theoretical mortgage rate of 5% to obtain a mortgage. Theoretical costs must not exceed one third of gross income.
The key points
A 64-year-old Geneva architect was forced to sell her villa after her income fell by 30%, according to the Tribune de Genève. Her bank had put her under pressure.
Banks now review mortgage files from the age of 50 to anticipate retirement-related difficulties.
Key figures
- Drop in the architect's income: 30%.
- Theoretical mortgage rate applied: 5%.
- Ceiling on theoretical costs: one third of gross income.
- Age from which banks review files: 50.
Further reading
Sources
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