Yes some things have changed since I checked last time.I did like that Mbank will charge only 2% as prepayment penalties only if paid in full,Years back I was in same situation like that here in the States.I slowly paid off the whole amount leaving 5000$ to be paid at the end,and paid it off the other month with 2% or 100$ penalty.I wonder if Mbank has that clarified how much amount is eligible for penalty
Banks do goof up,I have 2 credit lines for 100k each(Heloc) with interest only and no expiry date,they offered me 4k on each line to close,but I refused.So its now like using 200k with current rate of roughly 2.5% here till I die or sell those properties.
Fixed rate mortgages are not for long time,as I could find was maximum of 4/5 years but with higher rate
@OP.I would also use a broker and get them bring you rates from the other banks,sometimes they can be better too and they do all the paperwork.There commission can be from .5% to 3.5% and are very negotiable but worth it to check anyway.As you said that you and your spouse will both take the loan so both of yours credit history,employment,savings etc will be required.10% down will certainly not get you a good deal as most banks start getting flexible with 20% or above.
Here in States we had no income verification loans if you put down 25/30%,but all changed after the crisis.Somebody mentioned that there is something like that still but with 40/45% down.Quick search here I found this: