Hey everyone, curious if someone can help us here.
I own multiple properties privately, which I rent out. The banks calculate the affordability against my salary with the hypothetical mortgage rate of 5%.
I want to buy another property but one bank says that my income is not sufficient because of the affordability. It seems to me like they calculate it as if I was living in all of the flats and the income (rent) is not taken into account.
How do others do it? How could I own 20 flats without having to have a 7-figure income from my main job? Do I have to make a GmbH (but then don't the banks want to see the numbers for the last three years?).
I think it is absolutely ridiculous. For example, for one flat I pay 300chf mortgage interest/month which is significantly less than the rent (over 2k/month). If the interest rate would go back to 5% I could also increase the rent. Worst case I could always sell a flat and make multiple 100k. And on paper the banks own the flat anyway.
Curious to hear your thoughts.
I own multiple properties privately, which I rent out. The banks calculate the affordability against my salary with the hypothetical mortgage rate of 5%.
I want to buy another property but one bank says that my income is not sufficient because of the affordability. It seems to me like they calculate it as if I was living in all of the flats and the income (rent) is not taken into account.
How do others do it? How could I own 20 flats without having to have a 7-figure income from my main job? Do I have to make a GmbH (but then don't the banks want to see the numbers for the last three years?).
I think it is absolutely ridiculous. For example, for one flat I pay 300chf mortgage interest/month which is significantly less than the rent (over 2k/month). If the interest rate would go back to 5% I could also increase the rent. Worst case I could always sell a flat and make multiple 100k. And on paper the banks own the flat anyway.
Curious to hear your thoughts.