Comment by Beretta_Vexee
17 days ago
This is not the only difference in the banking system; 25-year fixed-rate mortgages are also a feature that is rarely found elsewhere.
The minimum 10% deposit is mainly there to cover taxes, which cannot really be recovered by the bank in the event of default.
It's not a 10% deposit though, it's 30% (so 10% taxes and 20% investment in the house)
And the fixed-rate mortgages are a good thing (though only when the rate is low hehe)