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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
by Beretta_Vexee 8mo 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.
- wolvoleo 8mo agoIt'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)