Mr. Angel Mas:

In terms of international experience, the Canadian regulator would cap it at 95%. Finnish regulation implemented this year caps it at 95% for first-time buyers and 90% for second-time buyers. We agree that there should always be a healthy minimum down-payment on the part of the borrower in order to have we would colloquially call "skin in the game". Certainly 20% or 25% would exclude those first-time buyers, not temporarily but permanently, because as they also have to pay for rental they would simply not be able to save a deposit of that size.