Mortgage

It is rare to hear of someone suing themselves. So rare that no one has formulated a word for it yet. Maybe we could just call it "self-disputes".

The obvious problem with self-disputes is that the plaintiff is also the defendant and, depending on the circumstances, the only witness. Then there's the matter of representation. Hire one or two attorneys? Can you represent yourself or is it a conflict of interest?

Despite their rarity and potential complications, self-litigation has been reported since at least 1899.

T The number of people with money worries has skyrocketed in the past 12 months, according to debt help site StepChange. His research found that 45% of UK adults have struggled to keep up with household bills and loan repayments in recent months, up from 30% a year ago and 15% in March 2020. So if debts become a problem for you , what can be done about it?

Recognize the problem

Another study by StepChange found that 55% of its customers had waited more than a year before seeking help with their debt. Sue Anderson, spokesperson for StepChange, says: "Many people have waited and suffered in silence. Trying to use other coping mechanisms before contacting us."

There are different reasons for delays – but stigma is still a real problem. Research from the Financial Conduct Authority (FCA) shows that 42% of people who had financial problems and ignored attempts by their lenders to contact them about missed payments had done so out of shame.

Who wants to get a loan, must first meet some requirements, for example, in terms of creditworthiness.

Most consumers have no problem getting a suitable loan disbursed by the bank. Nevertheless, the lender must adhere to certain conditions. As a result, loans are only granted under certain conditions. You can find out what these are in the following sections.

Overview of the requirements for obtaining a loan

First, we would like to give you a brief overview of what are generally the requirements to be met if you want to have a loan from your bank. A little the conditions are also dependent on the type of credit. Overall, they are nevertheless relatively uniform requirements, in particular:

• Sufficient to good credit rating
• No negative Schufa
• Regular income
• Dependent employment relationship outside the probationary period
• Collateral (optional)
• Equity capital (depending on the type of loan)

In the following, we would like to go into more detail about the individual requirements, so that you can personally assess whether you probably have a good chance of receiving a loan approval from the bank.

A 110 percent financing or. Full financing not only finances the entire purchase price of the property AND all ancillary purchase costs. In practice, however, 110 percent financing and full financing are rarely realized because the hurdles are very high. A prerequisite is a positive risk assessment by the lender, comprehensive collateral and an especially good credit score. of In addition, corresponding interest surcharges are demanded, which makes the construction financing more expensive on the bottom line. Unlike 110 percent financing, full financing is when the property is financed with no equity but all incidental purchase costs are paid for with the student's own funds.

110 percent financing: buy real estate with no cash down

The ancillary purchase costs, which are also paid with a 110 percent financing mittles construction loan, vary by state and can range from 7 to 12 percent of the property purchase price. The amount is calculated from the purchase price, realtor and notary fees, as well as state-specific fees, and includes the following:

• Brokerage fee
• Notary fee
• Land registration fees
• Real Estate Transfer Tax

If you choose standard construction financing and are keen to keep the interest rate – and thus the borrowing costs – as low as possible, you should generally contribute at least 30 percent of the total financing of the purchase sum yourself and pay all ancillary purchase costs with your own liquid funds.

Due to the current situation, many homeowners are uncertain about how the interest rate situation will develop and what
They shall make. Because sooner or later the decision must be made, with which mortgage one wants to continue financing in the future.
Due to the interest rate discrepancy between the fixed-rate mortgage and the Saron mortgage, many customers ask us whether it is better to opt for a fixed-rate mortgage
should, or whether you are better off, as historically correct, with the Saron Mortgage.

What existing and future property owners need to be aware of when applying for a mortgage

Due to the interest rate differences, we speak from the point of view of the financial burden, of a serious decision.
If you have a 10-year fixed-rate mortgage for an amount of CHF 860,000.- borrow, this means at the current interest rates of 1.95 % that you have annual interest costs of CHF 16,770.- or CHF 1,397.50 per month. In contrast to this, the Saron mortgage with an average margin of 0.6%, resulting in an annual interest charge of CHF 5,160.- or CHF 430.- per month leads. However, as is often the case, there are two sides to the coin, because the interest rate on the Saron mortgage is constantly adjusted. The duration of the mortgage is usually between three to five years, although it is also possible to change within the financing institution before the end of the term of the Saron mortgage in a fixed mortgage. The interest rate of a Saron mortgage is composed of the Saron rate, currently -0.71 % (09.05.2022) and the margin. The financing bank or insurance company determines the margin based on certain risk factors, such as the customer's creditworthiness and the quality of the property.
Historically, the Saron mortgage is almost always cheaper because the interest rate only includes the margins explained above. With a fixed rate mortgage, the situation is different, because here, among other things, the general trend in the money and capital markets at the time of the conclusion is also added.
Of course, there are also times when it makes more sense and may even be cheaper in the long run if you choose a fixed-rate mortgage. Because in December 2021 you have a ten-year fixed mortgage for 0.63 % get. These are interest rates we dream of today. For this reason, it is always necessary to consider the decision situationally.

Despite the current uncertainty about interest rate trends, it's important to remember that historically we still have very favorable interest rates for fixed-rate mortgages. You can see this very impressively in the chart above.
When negotiating the interest rate with the financing institution, it is important to negotiate well and not just ask your own house bank. For this reason, we work together with various mortgage providers to find the optimal offer for our customers. Regardless of this, you can assume that when it comes to financing:
– The more attractive the customer is in his initial situation, the better interest rates he will normally be offered.
Thus, it is important not only to compare, but to position yourself positively. This makes you more "interesting" to banks.

While solid figures and record inflation in the US and UK are forcing central banks to apply the brakes, measures to counter the gas crisis and ongoing uncertainty are likely to stifle GDP growth in the eurozone, according to Swiss Life AM. In China, the state of the real estate sector is worse than expected. Infrastructure projects to drive growth.

In contrast to neighboring Europe, the Swiss economy was still in robust shape until mid-year. The domestic economy remains supported by high employment and catch-up effects in the services sector. Foreign trade also proved strong over the second quarter. After a setback immediately following the Russian attack on Ukraine, the State Secretariat for Economic Affairs (SECO) weekly economic activity indicator WWA climbed throughout the second quarter. Swiss Life Asset Managers continues to expect real gross domestic product to grow by 0.6%.

"While the growth forecast for the current year does not deviate from the consensus forecast, we remain significantly more cautious about the economic trend in 2023. This is despite the fact that the consensus forecast has experienced a slight downward revision for two consecutive months," say Swiss Life AM economists. In their assessment, the list of causes for the impending slowdown is long:

Such a student exchange can be quite expensive. Especially if you choose a distant destination, such as bspw. Australia, interested. However, many organizations offer so-called scholarships, which are financial support for your student exchange. It is therefore worthwhile to find out more about these options.

The scholarship types

• Most organizations offer partial and full scholarships. In the case of a partial scholarship, you will be reimbursed for part of the exchange costs, which can sometimes be several thousand euros. In the case of a full scholarship, the organization will cover the full program costs for the high school year.
• Excellent academic performance is not always a criterion for the award of a scholarship. With a social scholarship your school grades are not as important as your social commitment. It is important to have as much to show here as possible. Whether you are a sports coach of a children's club or volunteer or give private lessons. What counts here is that you do social work and are rewarded for it.
• Even a creative scholarship is not awarded according to scores. Convince your organization with a self-written application song, a self-made video or a photo montage. Here you can develop freely.

The facts

• The most popular host country is the USA, followed by Canada.
• Most scholarships are awarded based on the family's financial situation and not on school grades.
• You can apply for funding for your year abroad through the Schuler-Auslands-BAfoG (Student Abroad Grant Program). Unlike other BAfoG grants, the student BAfoG does not have to be repaid.

Good to know

It is not easy to obtain a scholarship. But if you are socially or creatively engaged, your chances of getting a scholarship for your student exchange increase. The application process is also not without. But with diligence, motivation and these tips, getting a scholarship is not impossible.

Tip 1: Try to start your student exchange at the beginning of the year (winter departure).

Anyone who wants to use their premises or building differently than originally planned will have to deal with a change of use application. The application must be approved by the building authority. In order to better plan the habitable settlements in the villages and the cities and the development structure, as well as the landscape planning, the so-called Building Code was created in Germany.

This means, if someone wants to change the use of a room or a building, he has to go to the responsible building authority. This article is intended to enlighten you about the change of use application, so that you will subsequently have no problem making this application.

What material is needed for the application?

The building plan, site plan, building application, change of use description and a statement of the change of use project are required for the application.

Graduating from college may be the greatest feeling in the world because all of our hard work has paid off, but we don't realize until later that we still have student loans to pay back. The sums are not insignificant and can run into the thousands of dollars. Paying off your private or government loan early can save you thousands of dollars in interest over the life of your loan. If you have high-interest debt, refinancing your student loans can help your money work better for you.

Paying more than the minimum amount is the most effective way to pay off student loans quickly. The more you repay the principal amount, the less interest you will have to pay. So how can you pay off your student debt faster without having to worry about it for years? We've put together a short list of suggestions to help you out.

Organize

Before you start repaying your student loans, get an idea of how much you'll actually have to pay and find out about interest rates and everything else involved. Once you have an overview, it will be easier for you to pay off your student loan faster.

Loans are popular in Switzerland. Every third person has or has already had a loan. Many borrowers do not know that debt interest from personal loans is deductible and reduces their tax burden. Their deductibility is particularly generous and conceivably simple. But not every interest to be paid falls under it. Learn how you can reduce your tax burden and what the limits are.

What is debt interest?

A sports car, the long-desired oversized TV or the high back tax payment – there are many reasons to take out a loan. In addition to the low interest rate, the tax deduction of debt interest supports the borrower. Recognized in the Tax Relief Ordinance 642.11 are interest on secured and unsecured loans (mortgages and personal loans, small loans, etc.).). This also includes debt interest from credit card transactions or private loan agreements, for example between family members or friends.

Tip: The deductible interest does not necessarily correspond to your loan installments. In addition to the interest portion, these usually also include a repayment portion. The following applies: only interest is tax deductible. Since their share becomes smaller and smaller as repayments continue, the debt interest deduction is reduced over the term of the loan.