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Negative equity fears
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We worked so hard to save for our home and I am worried we will lose everything if we have to go on to the variable rate and there is a significant rise in interest rates.
Two things:
1/ You won't lose everything. You'll just possibly pay a few bob more for awhile.
2/ Years ago "everybody" was on a variable rate; fixed rates have become more increasingly used in recent decades for people to have "certainty", but don't fear that if that's what you have to end up doing.
Nobody will, at least, come to your door and take the house off you just because you are not in a position right now to sign up to a fixed deal.
Whatever will be will be .... you can't change anything that is outside of your control .... and, being on a variable rate makes things potentially less certain, but it's not the end of the world.0
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