Home buyers are being charged steep double-digit interest rates on part of their mortgages if they are not able to come up with a downpayment of at least a quarter of the purchase price of their properties.
Those buyers who do not make such a downpayment are being charged interest rates ranging from 13-17 per cent on the amount they borrow above 75 per cent of house’s value, a new analysis by Société Générale of mortgage offers has revealed.
