Home improvements and tax relief: make savings on your energy bills and your taxes
Having work done on your home can pay off twice. As well as being tax-deductible, you can make energy savings by choosing environmentally friendly improvements or specific materials, which will reduce your future utility bills.
Invoices for any work that is for the purpose of maintaining the home - repainting, roofing, installing a new boiler or replacing the windows, for example - can be submitted as a deduction on your tax returns.
However, work carried out for the purpose of increasing the value of your home cannot be deducted.
Each canton sets a different maximum deduction for this and we would advise you to contact the relevant authorities or your financial adviser for more information.
Deduction of exit fees
When you switch your mortgage to Crédit Agricole next bank, the bank that originally financed the loan will no doubt charge you early repayment fees upon the termination of your contract with them.
These vary from one bank to another and can be considerable. But did you know that depending on which canton you live in, these fees may be tax deductible and potentially can also be included in the loan amount you agree with Crédit Agricole next bank?
Property owners can save several thousand francs and benefit from one of the most competitive interest rates on the market.
These penalty fees are entirely tax-deductible in some cantons, including Vaud, Fribourg and Neuchâtel. Each canton has its own tax regulations and we would advise you to contact the relevant authorities or your financial adviser to find out more.
We strongly recommend that you arrange your loan transfer in advance. Financial institutions generally require 6 months' notice for the termination of a loan.
If you bring along your current loan contract to your first meeting we will be able to advise you of any potential penalty charges and how you can avoid them. You can then book your new rate with immediate effect and at no extra charge.
You can contact Crédit Agricole next bank for a mortgage transfer quotation at any time. We recommend doing this as early as possible in order to find the best mortgage offer.
In fact, you can start preparing your mortgage transfer today by opting for a forward rate. You can secure a rate straight away that will be fixed for up to 24 months in Switzerland (12 months in France), protecting you in the event of a rise in interest rates.
If you terminate your contract with your current bank before its maturity date, you may incur penalties. Our advisers are on hand to guide you through the loan transfer and help you to avoid any unpleasant surprises.
If you want to remodel your home or make it more energy-efficient, our CA Travaux or CA Ecoprêt loans are perfectly suited to your situation.
With a CA Ecoprêt loan, providing the work helps to improve the energy efficiency of your home (new windows, heating system, insulation, etc.) you can borrow up to CHF 50,000 at a rate of 0% for 3 years.
With Crédit Agricole next bank, you are entitled to a ‘green’ helping hand, even if your home does not comply with Minergie standards. Arrange a meeting with one of our advisors to find out more.
You are free to include both fixed and variable rates in the conditions of your loan.
If you choose a variable rate that tracks the Libor rate, you are accepting that you may face a rise in interest rates. In other words, if interest rates go up, your monthly mortgage repayments will go up too.
Alternatively, or in tandem, you can opt for a fixed rate for a term of between 3 and 15 years. In this case there will be no surprises - you know what your monthly payments will be and can budget for them accordingly.
Our advisors will help you to work out the best combination of interest rates, depending on your personal priorities.
The documentation required for transferring a loan is not as complicated as that needed for your original home loan.
The bank needs to be able to assess your ability to keep up with your mortgage payments over the long term. To do so, the following documents will be required:
- your income tax statement (‘déclaration fiscale’),
- your tax declaration (‘avis de taxation’),
- a statement of your salary (‘attestation de salaire’),
- records of your variable income (i.e. bonuses),
- an extract from the Enforcement Office (‘Office des Poursuites’),
- a copy of your current loan contract,
- the cadastral map (showing who owns the land),
- photos of your property,
- the plans,
- a copy of your fire insurance,
if the mortgage is for an apartment in a condominium:
- the register detailing how the ownership is shared (‘cahier de répartition’),
- the minutes from the general assembly meeting,
- the condominium block's ownership regulations,
- the condominium block’s management accounts.
Please do not hesitate to contact one of our advisors who will provide you with advice tailored to your personal circumstances.
Your current loan contract will include the conditions for termination.
Please note that your current mortgage agreement may require you to give quite a lot of notice to terminate it, more than 6 months in some cases, so we advise you to initiate this process well in advance.
Our advisors are here to guide you as you take this important step.
The outstanding balance is usually the same as the amount that you are going to borrow from Crédit Agricole next bank.
You should be able to find the outstanding balance either via your current lender’s online banking service, on your annual tax certificate, or on your interest statement. In general, the interest accrued up to the date on which the mortgage is transferred, as well as any fees or penalties, are added to this balance.
Putting careful thought into refinancing your loan can give a significant boost to your budget.
You could use the money you save for other investments, such as home renovation work, your children’s education or topping up your work pension.
Yes, it is no problem for us to take over a 3rd pillar as part of a mortgage transfer.
Our advisors will look at your current financial situation with you so that this can be factored into your mortgage refinancing plan.
Yes, when transferring or renewing your mortgage, it is strongly recommended that you take stock of your financial situation and your future plans (your pension and retirement).
The savings you make by transferring your loan to Crédit Agricole next bank can help you to achieve your retirement goals with complete peace of mind.
Yes, because Crédit Agricole next bank values your custom and wants to develop a trusting and long-term relationship with you.
As a Swiss bank that is able to assist its customers during all the important moments in their lives, Crédit Agricole next bank offers bank account, payment, savings and pension solutions to meet every need.
We want to offer you a global approach to your circumstances and provide a quality service.