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Yeah sorry poor wording on my part, as a percentage it is low but as a percentage of income it is pretty high. A 20% deposit is minimum to not have to pay a 'M
by dbetteridge 6y ago
Yeah sorry poor wording on my part, as a percentage it is low but as a percentage of income it is pretty high.
A 20% deposit is minimum to not have to pay a 'Mortgage insurance' which gets added to your mortgage to cover the bank if you default.
Belgium sounds like an even more painful situation, sucks for those of us who would just like to have a stable place to live and be allowed to add some personal character to (not allowed in most rentals ive lived in)
- elric 6y agoOh yeah, I forgot about the insurance, which is officially "not required", but no bank will give you a mortgage without one. Depending on how you decide to pay for it (installments vs lump sum), that can end up being another significant expense.