Mortgage - a clear explanation on how it works?!

[OxygeN]

Hi peeps!
I've got my (first?!) mortgage 6 years ago and now stumbled over some threads talking about first and second mortgage and SARON and stuff... Is there anybody here able to explain how this works in Switzerland and where the possible "caveats" might be? And also, how to proceed with regards to paybacks to the bank during one's life (approaching pension, for example)?
I know I got presented with the details 6 years ago, but I honestly don't remember all the "tips&tricks"...
TIA!

 

[Max]

Have a look at The Complete Guide to Mortgages in Switzerland

 

[OxygeN]

Have a look at The Complete Guide to Mortgages in Switzerland

I will! Thanks!

 

[gaijin]

Have a look at The Complete Guide to Mortgages in Switzerland

Just looked at the article the first time. The part about how to find the best mortgage is quite short. Are these really so hard to compare?

 

[OxygeN]

I read it as well.
I remember when I signed the mortgage contract with UBS, I was told I wouldn't need to do amortization because... well, I don't remember because! Do you people know in which scenarios amortization is not needed? Could it be because I was able not only to pay down 20%, but also the additional 15% so that I don't have a second mortgage?

 

[Baptiste Wicht]

@OxygeN Yes, if you have put down 35%, there is no legal need to amortize.

And these days, it's really not necessary to have a first and second mortgage. We have put down the minimum of 20% and we have a single mortgage.

 

[OxygeN]

I indeed have probably put down 35% - so I'm fine. I'll just keep an eye on the SARON vs. fixed mortgage in around 4 years time...