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10 year fixed rate... your views
Comments
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I always say:
Do you want to stay in your property for x years?
Do you prefer to sleep soundly knowing no matter if rates go up or down you are safe in the knowledge you can afford your monthly payments?
Are you willing to line the coffers of the bankers by paying every few years their ever increasing fees?
Then fix it. 5 or 10 years. then put the papers away and forget about it until its time to renew the mortgage. In the mean time you were able to knock a large chunk off the mortgage, maybe even overpaying.
I dont think the rates would ever drop as low as 2%. the lowest I can see it going is 4.25%, but when? Not even the BOE has any ideas of what to do so I would just fix it and ride out the storm, not worrying about rates and such. If it all goes belly up, due to the property values falling, and economy creaking, no point selling anyways, gotta live somewhere....0
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