It’s been nearly a year since we moved into our first house. Most house hunters will have saved enough to put down a hefty deposit on a new house in Japan, but in our case, we had to find a mortgage to cover the whole cost of the house. Mortgages in Japan usually run for 35 years, which is actually longer than the lifespan of a Japanese house. Typically, after 15 years you’ll need another loan to get the place “reformed” so it will last another 15 years. Wash, rinse and repeat.
Furthermore, cheap mortgages aren’t easy to come by for foreigners in Japan. UFJ was the only bank that even considered giving me a mortgage, so I wasn’t exactly able to choose the cheapest. On top of this, unlike most countries, Japanese houses depreciate in value so we won’t even be able to get our money back. On the bright side however, houses here are dirt cheap compared to those in the U.K now, and our mortgage repayments are quite reasonable.
This post is sponsored by NationsFinance.co.uk. Visit their website for information on credit cards, loans, banking and buy to let mortgages.
