this post was submitted on 05 Apr 2025
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Banks used to trust people and that has led to GFC. So most governments now have legal frameworks to ensure that banks don't trust you anymore. I don't think you want another GFC.
Surely there can be a middle ground.
I hate that I’ve been paying close to 150k NOK a year in rent for the last ten years but for some reason I can’t be trusted with a loan unless I make a lot more and save up something like 300k.
Except for the fact that I have a place to live it feels like I’m throwing money out the window.
I don't know what the situation is in your country, but here's an example from the UK.
Imagine you bought a £500k house in London just after the pandemic. The mortgage rates were around 1.2-1.3%. You could afford monthly payments at the time, everything looked cool. Now a couple years later the war in Ukraine starts, economy tanks and interest rates go over 7%. Now your monthly payments become 3-4x higher and you're fucked. You lose your house, become homeless and you still owe half a mil. The end.
Interesting to see the difference. In the US it's most common for mortgages to be "fixed rate" and remain the same for the entire loan period. Downside is a higher base percentage, we got down to about 2.6-2.7% in the same time period. Upside is that your payment will never go up.
Yeah, that's the difference. But in general British mortgages are much cheaper. That also leads to a situation, that people invest free money instead of over paying their mortgages. I'm still on 1.32% for example, while even my basic savings account pays me 4.5%.