Go Back   English Forum Switzerland > Help & tips > Housing in general  
Reply
 
Thread Tools Display Modes
  #21  
Old 08.01.2015, 12:05
Member
 
Join Date: Jul 2011
Location: Gland
Posts: 220
Groaned at 0 Times in 0 Posts
Thanked 131 Times in 92 Posts
Macer is considered knowledgeableMacer is considered knowledgeableMacer is considered knowledgeable
Re: Anyone with experience of Swissquote mortgage

Yeah. they will probably do something this year. They are in a tough spot. They want to stop house prices rising and creating/inflating a bubble, but they are facing headwinds with interest continually dropping and creating an incentive for buyers. The only ammunition they have is to restrict the capital available to buyers in other ways... As long as the CHF is tied to the EUR and there are problems in Eurozone, interest rates will be pressured to fall.

Personally, I am going all in at these rates. I just wish I could fix for longer.
Reply With Quote
  #22  
Old 11.01.2015, 21:01
Vince's Avatar
Member
 
Join Date: Sep 2006
Location: Uster, ZH
Posts: 144
Groaned at 0 Times in 0 Posts
Thanked 95 Times in 57 Posts
Vince has made some interesting contributions
Re: Anyone with experience of Swissquote mortgage

Careful with fixing your mortgage very long; make sure you understand the conditions in case you may need to or want to end the mortgage before it matures.

As an example: let's say one goes for a 750'000 10-year mortgage from ZKB at 1.5%, and for whatever reason you want to/need to sell after already 5 years (moving abroad, change in job requiring to relocate, living requirements have changed) the bank will be contractually entitled to charge you a penalty, the so-called "Vorfälligkeitsentschädigung". This is a standard term in any ZKB mortgage contract (phrased cryptically, in a complicated way) and is calculated by basically requiring you to pay the entire (!) remaining interest payments: at 750k with 5 years to go, this penalty would amount to CHF 56'250.

The above scenario, with different (thankfully smaller) amounts/metrics happened to me some years ago and it cured me completely from a) taking long (:anything longer than 5 years) mortgages in general and b) the ZKB bank in particular.

Hunting for low rates is the easy bit nowadays, just compare online or go through a mortgage broker as moneypark.ch, vermoegenszentrum or hypoplus, etc.
It's the small print, the terms&conditions, that make the real difference to go for one mortgage lender, or another. And also the service model -- I'm not sure having only a call center employee (in case one goes for a pure online mortgage lender such as homegate.ch, or hypoplus.ch etc) respond to your questions, is suitable for anyone.

https://www.vermoegens-partner.ch/de...theken/?mId=11

Last edited by Vince; 11.01.2015 at 21:03. Reason: Typos corrected
Reply With Quote
The following 2 users would like to thank Vince for this useful post:
  #23  
Old 11.01.2015, 22:39
Forum Veteran
 
Join Date: Jul 2007
Location: Vaud
Posts: 2,386
Groaned at 163 Times in 114 Posts
Thanked 4,695 Times in 1,809 Posts
Mikers has a reputation beyond reputeMikers has a reputation beyond reputeMikers has a reputation beyond reputeMikers has a reputation beyond reputeMikers has a reputation beyond reputeMikers has a reputation beyond repute
Re: Anyone with experience of Swissquote mortgage

Quote:
View Post
Careful with fixing your mortgage very long; make sure you understand the conditions in case you may need to or want to end the mortgage before it matures.

As an example: let's say one goes for a 750'000 10-year mortgage from ZKB at 1.5%, and for whatever reason you want to/need to sell after already 5 years (moving abroad, change in job requiring to relocate, living requirements have changed) the bank will be contractually entitled to charge you a penalty, the so-called "Vorfälligkeitsentschädigung". This is a standard term in any ZKB mortgage contract (phrased cryptically, in a complicated way) and is calculated by basically requiring you to pay the entire (!) remaining interest payments: at 750k with 5 years to go, this penalty would amount to CHF 56'250.

The above scenario, with different (thankfully smaller) amounts/metrics happened to me some years ago and it cured me completely from a) taking long (:anything longer than 5 years) mortgages in general and b) the ZKB bank in particular.

Hunting for low rates is the easy bit nowadays, just compare online or go through a mortgage broker as moneypark.ch, vermoegenszentrum or hypoplus, etc.
It's the small print, the terms&conditions, that make the real difference to go for one mortgage lender, or another. And also the service model -- I'm not sure having only a call center employee (in case one goes for a pure online mortgage lender such as homegate.ch, or hypoplus.ch etc) respond to your questions, is suitable for anyone.

https://www.vermoegens-partner.ch/de...theken/?mId=11
But it is the interest due minus the current rate though, I confirmed that with the provider before signing. So if in 5 years the base rate is 0.75 then it would be 1.5%-0.75% I.e. 0.75%*5 years which is isn't so bad.
Reply With Quote
The following 2 users would like to thank Mikers for this useful post:
  #24  
Old 12.01.2015, 10:01
Guest
 
Posts: n/a
Re: Anyone with experience of Swissquote mortgage

Quote:
View Post
I want the cake and keep it to - maybe Finma will forbid using 2nd pillar as downpayment/collateral or require a larger downpayment or asks for a faster rate of repayment....
Finma have recently changed the rules for 2nd pillar, whereby you can only now use pension fund for up to 50% of the deposit.

No way for faster repayment as the Swiss system does not work on repayment as such, you are better off keeping a debt to offset against tax.
Reply With Quote
The following 2 users would like to thank for this useful post:
  #25  
Old 12.01.2015, 15:06
Forum Veteran
 
Join Date: Nov 2007
Location: Vaud
Posts: 1,404
Groaned at 107 Times in 70 Posts
Thanked 1,481 Times in 859 Posts
yacek has a reputation beyond reputeyacek has a reputation beyond reputeyacek has a reputation beyond reputeyacek has a reputation beyond repute
Re: Anyone with experience of Swissquote mortgage

I meant paying back the mortgage above 2/3 of property value.
Here an article about shortening the re-payment from 20 to 15 years from mid-2014.:
http://mobile2.tagesanzeiger.ch/articles/27354160
Reply With Quote
  #26  
Old 12.01.2015, 15:08
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Kt. Zürich
Posts: 9,341
Groaned at 389 Times in 337 Posts
Thanked 16,304 Times in 8,845 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: Anyone with experience of Swissquote mortgage

Quote:
View Post
But it is the interest due minus the current rate though, I confirmed that with the provider before signing. So if in 5 years the base rate is 0.75 then it would be 1.5%-0.75% I.e. 0.75%*5 years which is isn't so bad.
And if, as is likely, the interest rates rise in 5 years you could be in profit.
Reply With Quote
  #27  
Old 12.01.2015, 15:20
Forum Veteran
 
Join Date: Jul 2007
Location: Vaud
Posts: 2,386
Groaned at 163 Times in 114 Posts
Thanked 4,695 Times in 1,809 Posts
Mikers has a reputation beyond reputeMikers has a reputation beyond reputeMikers has a reputation beyond reputeMikers has a reputation beyond reputeMikers has a reputation beyond reputeMikers has a reputation beyond repute
Re: Anyone with experience of Swissquote mortgage

Quote:
View Post
And if, as is likely, the interest rates rise in 5 years you could be in profit.
exactly! of course they just chuckled when I pointed this out, the reality of the situation is if rates go above 1.5 in the next x years for me, then I would be able to exit without penalty.
Reply With Quote
The following 2 users would like to thank Mikers for this useful post:
  #28  
Old 12.01.2015, 21:03
Vince's Avatar
Member
 
Join Date: Sep 2006
Location: Uster, ZH
Posts: 144
Groaned at 0 Times in 0 Posts
Thanked 95 Times in 57 Posts
Vince has made some interesting contributions
Re: Anyone with experience of Swissquote mortgage

@ Mikers: good to read. ZKB calculated it as the difference between the rate in my mortgage agreement (~2.3%, some 5 years ago), and the Geldmarktzins, which is/was close to zero%.

My bank adviser tried to "justify" this as follows: "You entered into a binding contract, now you return the capital we as a bank can only get the money market interest on it for the next three years, which is close to zero, hence you have to pay the difference"... In the end I managed to transfer my mortgage to the buyer, which did require me to lower the price though (as an incentive for the buyer to take over the mortgage.
Reply With Quote
This user would like to thank Vince for this useful post:
  #29  
Old 15.01.2015, 19:14
Newbie 1st class
 
Join Date: Mar 2008
Location: Geneva
Posts: 11
Groaned at 6 Times in 3 Posts
Thanked 2 Times in 2 Posts
smiledancing has no particular reputation at present
Re: Anyone with experience of Swissquote mortgage

Swissquote rate is significantly lower around 1% than other bank offers. They don't allow people to use second pillar pension and need 25% down payment. Have anyone used their service? Why they can get a better rate than other big banks? Are there any disadvantages for getting the mortgage from them?
Reply With Quote
  #30  
Old 15.01.2015, 20:27
Forum Veteran
 
Join Date: Aug 2011
Location: Baselland
Posts: 646
Groaned at 13 Times in 9 Posts
Thanked 436 Times in 276 Posts
spalebärg has a reputation beyond reputespalebärg has a reputation beyond reputespalebärg has a reputation beyond reputespalebärg has a reputation beyond repute
Re: Anyone with experience of Swissquote mortgage

Quote:
View Post
Swissquote rate is significantly lower around 1% than other bank offers. They don't allow people to use second pillar pension and need 25% down payment. Have anyone used their service? Why they can get a better rate than other big banks? Are there any disadvantages for getting the mortgage from them?
If you look at earlier posts in this thread from #3 onwards you'll see that I obtained a mortgage through SwissQuote almost exactly 2 years ago. You will also see some answers to your questions.
Reply With Quote
Reply

Tags
mortgage




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
ETH Zurich: Anyone with application experience? BlackHoleSunn Other/general 11 27.02.2014 01:48
Anyone have experience with Hull's School? arrow Family matters/health 0 17.08.2012 16:42
anyone have experience with baloisedirect for insurance? toronto Transportation/driving 3 15.03.2011 11:16
Anyone with experience with feline asthma? abzurich Pet corner 1 28.07.2009 13:08
anyone with experience as a pharmacist? evZENy Employment 0 22.01.2009 20:55


All times are GMT +2. The time now is 02:00.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0