It’s been nearly a year since we moved into our first house. Most house hunters willÂ have saved enough to put down aÂ hefty deposit on a new house in Japan, butÂ in our case,Â 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 valueÂ 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.@nick_ramsay. I'd love to hear from you!