What is a buy to let mortgage
Buying real estate - a 7-step process
1. Clarify needs
If you want to buy a house or an apartment, you should first make as clear an ideal picture of your property as possible. This includes the maximum purchase price or the price range, ideal size, location, surroundings and of course aesthetic and practical aspects. Deal with these questions honestly and as uninfluenced as possible by friends or trends. This “compass” makes it easier for you to find and decide for or against an object. You can always cut back on the ideal later.
2. Find property
There are various options for searching for property for sale; the easiest and cheapest are internet portals. But you can also hire a broker. Once you have found a suitable property, go for a viewing and / or request documentation from the seller.
3. Clarify financial feasibility / submit confirmation of financing
If you like the property and want to buy it, clarify whether financing is possible in principle. The best way to do this is to use Valuu. You can use your computer (web version) or smartphone (mobile app) to record the details of your finances, your dream property and your desired mortgage. Within a few minutes you will receive binding offers from our partners. The questions about sufficient equity (at least 20 percent of the purchase price) and your income (is the affordability of the financing guaranteed) are central to financial feasibility.
If you have found one or more offers for financing with Valuu, we will quickly and easily issue you with a financing confirmation. You can find out how to do this in the article «Simply to confirm your financing with Valuu». The financing confirmation shows the seller that you are a serious buyer. You are able to finance the property and take on the financial obligations of buying a home.
tip: The financing offers of our partners change depending on the information you provide. How you can benefit from the best conditions can be discussed free of charge with our mortgage experts. Just call: +41 31 667 98 84.
4. Draw up a sales contract
If you have been awarded the contract by the seller, you both go to the notary so that he can prepare the necessary contract documents. At this point, you will usually receive a draft contract of sale with the most important points (e.g. description of the property, purchase price, purchase date, terms of payment, any easements, etc.).
5. Compare and take out mortgages
If the financing confirmation was about the fundamental financial viability of your dream property, now it is about the concrete mortgage contract with a bank, insurance company or pension fund. With Valuu you can compare your offers independently and transparently. You select the right mortgage and conclude it conveniently online with Valuu.
We check your dossier and mediate everything important between you and your lender. In the meantime, you can lean back and relax. And best of all: Thanks to exclusive interest from our partners, you save up to a thousand francs annually compared to the market interest rate.
tip: The lender will need some documents from you to complete your mortgage. With Valuu, you can upload them conveniently and securely online and save valuable time. You will find all the necessary documents in our checklist.
6. Sign the mortgage agreement and purchase agreement
After we have checked your financing request, we will forward it to the selected lender. They will send you the necessary contractual documents such as the mortgage contract for signature by post. You have now secured your financing and can now go to the notary with the seller. The definitive purchase contract is signed at the notary's. The costs for the notary are usually shared between the buyer and seller.
Important: Mortgage and sales contracts are mutually dependent - so one cannot be done without the other.
7. Direction of mortgage notes and entry in the land register
Another necessary notarial act when buying a house is the drawing up of the mortgage note. This contains the lien for the property in question and is a kind of guarantee for the lender; should you not be able to meet his demands, the mortgage note assures him the right to satisfy them with the proceeds of the seizure of the property. The mortgage note is drawn up in accordance with the information provided by the mortgage lender. The acquisition of the property is completed with the entry in the land register. The notary initiates the entry. Depending on the administrative effort, this will only take place after a few weeks. You are then the official owner!
These seven steps only roughly outline the path to your own property with a mortgage. Every house or apartment purchase is different in detail and requires a lot of care and consideration. In any case, let yourself be accompanied by experts in your project.
tip: Your personal mortgage expert at Valuu will advise you competently and free of charge, from the search to the conclusion of your mortgage, and will be happy to answer any questions you may have afterwards.
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