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Old 06.10.2010, 10:03
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mortgage - bank or insurance company?

Good morning everyone !

I have a question on mortgages. Has anyone ever taken a mortgage with an insurance company like AXA Wintherthur, Zurich etc. or is aware of the trade-off's between insurance companies and 'normal' banks - such as UBS?

Currently I have been quoted a very low mortgage rate of about 1.7% from an insurance company, which compares to about 2.1% that I'm getting from UBS - both for a fixed 5 year term. I've also look at organisations like Migros Bank and Poste Finance, which seem to be between these two levels.

Anyone have any insight as to whether these deals from insurance companies area as good as they seem, or are there hidden traps for the unwary?

Thanks

Patrious
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Old 06.10.2010, 10:07
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Re: mortgage - bank or insurance company?

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Good morning everyone !

I have a question on mortgages. Has anyone ever taken a mortgage with an insurance company like AXA Wintherthur, Zurich etc. or is aware of the trade-off's between insurance companies and 'normal' banks - such as UBS?

Currently I have been quoted a very low mortgage rate of about 1.7% from an insurance company, which compares to about 2.1% that I'm getting from UBS - both for a fixed 5 year term. I've also look at organisations like Migros Bank and Poste Finance, which seem to be between these two levels.

Anyone have any insight as to whether these deals from insurance companies area as good as they seem, or are there hidden traps for the unwary?

Thanks

Patrious
you need a bigger deposit with insurance companies, normally 35% not the 20% for banks.
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Old 06.10.2010, 10:47
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Re: mortgage - bank or insurance company?

The insurance company have told me that a 20% deposit is fine ...
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Old 06.10.2010, 11:04
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Re: mortgage - bank or insurance company?

We have our morgage from the Zurich insurance it works the same as the banks, think its every 3mths we pay it and as you say with a super rate of interest
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Old 11.04.2011, 14:48
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Re: mortgage - bank or insurance company?

Hi Tesso,

Did you have to buy any endowments or policies with the insurance companies? I was just told that that is the difference between banks and insurance mortgages.

Cheers,
Nanda.
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