Is a 15-year fixed mortgage still worth it in 2026?

Yes, when the premium over 10 years sits at 10–25 basis points — that's historically cheap and reflects the flat yield curve. If you expect sustained inflation and rate increases in the Eurozone, the extra lock is sensible insurance against a 2034 refinancing scenario at 3–4 %.

How large is the prepayment penalty on a 15-year mortgage?

The penalty equals the difference between your contract rate and the current market rate for the remaining term, multiplied by the remaining principal. On CHF 800,000 remaining, 10 years remaining and 1 % rate gap, we're talking CHF 70,000–80,000. Banks provide the calculation on request.

Can I transfer a 15-year fixed mortgage to a new property?

Theoretically yes (mortgage portability), but most banks handle this restrictively. Clarify portability terms in writing BEFORE signing — without that detail, a later move can become very expensive.

What is a forward mortgage and when does it make sense?

A forward mortgage locks today's rate for a drawdown in 6–36 months. The forward premium is 5–30 bp per lead-year. Sensible when you expect rates to rise and your current fixed mortgage expires in the next 1–3 years.

What does the FINMA 15-year rule mean for the 2nd mortgage?

The 2nd mortgage (above 67 % LTV) must be fully amortized within 15 years or by retirement — whichever comes first. This is independent of the fixed-rate term itself.

Which bank offers the cheapest 15-year rates?

Specific rates depend on your profile (LTV, income, affordability). Cantonal banks and insurers generally beat major banks by 10–20 bp. Always get 3–5 quotes and use the mortgage comparison.

Should I combine tranches with different terms?

Yes, if the mortgage is at least CHF 600,000. A pragmatic split is 40 % SARON + 30 % 5-year + 30 % 15-year — you get flexibility, medium-term planning certainty, and protection against a 10–15-year refinancing scenario.

10- and 15-Year Fixed Mortgages: When Is the Long Lock Worth It?

The 10-year fixed mortgage is Switzerland's historical default — it combines planning certainty with a moderate premium over shorter terms. 15-year mortgages are rarer, but for buyers with long horizons who worry about rising rates, they're a serious instrument. This guide covers rates, strategies, and the risks often glossed over in sales conversations — on a CHF 800,000 mortgage, a single basis-point detail easily means CHF 10,000 over the term.

When is a 10- or 15-year fixed mortgage worth it?

The decision hinges on three factors: your risk budget, expected rate trajectory, and life plans. The 10-year fixed mortgage suits buyers who plan to keep the property at least 7–10 years and want to avoid monthly-payment swings. 15 years pays off particularly if you expect long-term rate increases and can accept the 10–25 basis-point premium over 10 years. Anyone planning to unwind the mortgage mid-term (sale, inheritance, move abroad) should prefer shorter terms — the prepayment penalty on a 15-year fixed mortgage can reach five- to six-figure amounts.

2026 rates: 5 vs. 10 vs. 15 years

Q2 2026 reference rates from 30+ Swiss banks fall in these bands: 5-year fixed between 1.20 % and 1.95 %, 10-year between 1.45 % and 2.20 %, 15-year between 1.55 % and 2.40 %. The 10-to-15 year premium of 10–25 basis points is historically low — a consequence of the flat swap-market yield curve. Concretely: on a CHF 800,000 mortgage, the extra five years of protection typically costs CHF 8,000 to 20,000 over the entire term. Always compare cantonal banks, insurers (Swiss Life and AXA often beat the major banks by 10–20 bp) and online providers (Migros Bank, Raiffeisen).

Strategy comparison: 10 vs. 5+5-forward vs. 15 years

Three sensible strategies on a CHF 800,000 mortgage (assume: today 1.65 % on 10 years, 1.85 % on 15 years, 1.40 % on 5 years): Strategy A — 10 years fixed: certain, total interest over 10 years roughly CHF 132,000. Strategy B — 5 years fixed + forward for the next 5: cheaper up front (CHF 112,000 over the first 5 years), but refinancing risk is real. If rates rise to 3 % by 2031, the second tranche costs CHF 120,000. Strategy C — 15 years fixed: maximum certainty, total interest over 15 years roughly CHF 222,000. Anyone refinancing in 2034 at 3 % instead of 1.65 % pays roughly CHF 54,000 more over the next 5 years — the extra CHF 24,000 for 15 vs. 10 years is by contrast cheap insurance.

Refinancing risk at term end

What happens after 10 or 15 years? You must refinance or pay the mortgage off in full. The key question isn't whether rates will rise but how far — and whether your income will grow with them. Example: anyone who took a 10-year fixed in 2024 at 1.5 % and has to refinance in 2034 at 4 % sees the monthly payment on a CHF 800,000 mortgage jump from CHF 1,000 to CHF 2,670 — a roughly CHF 20,000-per-year difference. With a 15-year term that shock is deferred by 5 years, and you have more time to amortize down the principal. The FINMA affordability rule (5 % imputed rate) buffers risk at origination — at refinancing you face the real market rate.

Early termination — what does it really cost?

Anyone unwinding a fixed mortgage before term end (sale, divorce, estate settlement) pays the bank a prepayment penalty — the foregone interest for the remaining term, discounted to today's value. On a 10-year mortgage with 5 years remaining and 1.5 % contract rate, if the current market rate has risen to 3 %, the bank earns the higher rate — no penalty. But if the market rate has fallen to 0.5 %, the bank is owed the differential: on CHF 800,000 remaining principal and 1 % rate gap × 5 years, roughly CHF 40,000. On a 15-year mortgage with 10 years remaining the risk roughly doubles. Sale or life scenarios should therefore be thought through BEFORE signing.

Tranche model with long terms

Rather than a single 15-year tranche, many buyers combine terms: e.g. 40 % SARON, 30 % 5-year fixed, 30 % 15-year fixed. Upside: you don't pay the 15-year premium on the entire amount and can react to rate changes without refinancing the whole mortgage. Downside: multiple expiry dates mean more bank negotiations. At CHF 800,000 tranches are worth it from 3 pieces upward; below that the complexity rarely pays off. Practical recommendation: 60 % on 10 years + 40 % SARON is a pragmatic middle ground — if rates fall, you benefit on 40 % of the mortgage; if they rise, 60 % is protected.