Mortgages

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sohi

I know of the US and Germany, heard about some other places in EU.

A mortgage allows a borrower a certain amount of time to pay off the loan. The most common amount of time, or “mortgage term,” is 30 years in the U.S., but some mortgage terms can be as short as 10 years.
https://www.rocketmortgage.com/learn/average-mortgage-length

as short as 10 years! Cultural differences in one sentence.

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frankenbike in reply to @sohi

That is a short mortgage term by UK standards too. the term and the fixed rate interest period are different things

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sohi in reply to @frankenbike

on that website it says:

Most fixed-rate mortgages will have a 30-year or 15-year term, though some lenders offer 20-year terms and others even allow borrowers to choose their term.

which I thought means the interest rate is fixed for those years?

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