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You can get variable and fixed rate mortgages in the UK, fixed typically have higher interest rates but obviously variable can outpace it depending on markets.
by clappski 8y ago
You can get variable and fixed rate mortgages in the UK, fixed typically have higher interest rates but obviously variable can outpace it depending on markets.
- refurb 8y agoFixed rate for how long? I know in Canada the longest mortgage term you can get is 10-years and you pay a substantial premium over 5 years. Mortgages are still amortized over 30. What that means is if interest rates go from 2% to 6% over a 5 year period, you have to renew your mortgage at the much higher rate. In the US, if you never move, your mortgage payment might never change for 30 years.