Dutch defends no-money-down mortgages

Amsterdam

PRINSENGRACHT 199 in Amsterdam boasts a gourmet kitchen, a bath with canal views and vaulted ceilings. The price tag is 1.6 million euros (S$2.6 million), but it could be yours for no money down.

Seven years after a global financial crisis was sparked by lax lending rules, the Netherlands is the last country in Western Europe where homebuyers can borrow as much as 103 per cent of the purchase price - enough to cover a slice of the transaction costs as well.