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Fixed mortgage - 5yr or 10yr
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It's difficult, 5 yrs in the future is crystal-ball stuff, just a gamble.
If you'd asked in 2006, what are the chances of rates being 0.5% in 5 years, I think the answer would have been "very very unlikely" to say the least...
Hell, if you'd asked that question even just a year before it happened, it still seemed inconceivable, to me anyway.
So rates of 5-7% seem 'very very unlikely'.... today
go back and have a look at threads from 2006 onwards.
wonder how may gave up great tracker rates on the back of get fix rates will go up?0 -
If the Bank of England base rate hits 5-7percent in 5 years time then mortgage rates could hit 7/8/9 percent and a huge number of families up and down the country with Large mortgages will be up the creak without a paddle.
Mortgage repossessions will cause thousands of people to be homeless.
Rates may well rise but the Bank of England is talking about perhaps 2-3 percent over the next 3/5 years0 -
Brexit implies lower mortgage rates than otherwise, because high bank rates are a competitive disadvantage since it leads to a stronger pound, which makes imports cheaper and exports more expensive, the exact opposite of what you'd want.0
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