Experience with WIR mortgage?

[ngocluongkt48]

Hello!

Does anyone have any experiences they could share with WIR bank and their mortgages? I found on their website that they offer 0% interest for first three years for first time buyers. Then capped at 1.75 percent. Seems too good to be true!? Is there a catch?

Looked into WIR as we put an offer on a house and want to pledge our 3rds pillar funds. Thanks to other Redditor I only just found out this isn’t possible with traditional banks. Haven’t figured out what’s better, moving the pension to ubs or other banks or mortgage with WIR but if the offer is true and without w catch then WIR seems like w no brainer.

Got a call with WIR on Monday to discuss the offer. Any experiences are welcomed

Source: https://www.wir.ch/de/produkte-loesungen/privatkunden/finanzieren/wir-starthypothek

 

[soddygurl]

@ngocluongkt48 The WIR mortgage is in, you guessed it – WIR. WIR is a parallel currency coupled to the CHF. Unless you intend to pay your developers in WIR, it's not a pretty use case. And pretty much everyone that accepts WIR will only do so in a percentage of the total and/or with an agio to the CHF amount.

And as to putting 3a into mortgages, about every bank will do that. You just move the funds to the bank that provides your mortgage and pledge them.

 

[axo]

@soddygurl Maybe a really stupid question, what's WIR?

 

[soddygurl]

@axo The WIR franc is an independent complementary currency system. Electronic currency is reflected in clients' trade accounts and so there is no paper money.

Have a look: https://en.m.wikipedia.org/wiki/WIR_Bank

 

[axo]

@soddygurl Thanks, fascinating read.

 

[illuminatorofevil]

@ngocluongkt48 While it looks appealing, to my understanding, you cannot exchange CHW to CHF. You can only spend the money, either by paying the former owner with WIR (I don't think there is even a slight chance to happen), or for renovation with artisans who accept a part of WIR in the payment (much more likely).
For individuals, I don't think the currency is spread enough to be interesting in the most common scenarii.

 

[desdemona]

@ngocluongkt48 I tried to used them for a mortgage, they claim they do not offer mortgage until further notice.......they apparently reached they maximum allowance

 

[ngocluongkt48]

@desdemona Wow, they arranged a call for us on Monday. Seems that this will be an absolute waste of time!

 

[desdemona]

@ngocluongkt48 Well if they do offer you one, please let me know I would then certainly take it personally!