Quote:
Originally Posted by Taf
I know of many people who got loans and mortgages at a fixed percentage for the term of the contract, or at least several years.
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Full-term fixed rates are fairly common in some other countries (the French like them, IIRC). You can get them here but there aren’t many choices so they’re not often competitive. I asked my mortgage adviser to present options to fix rates for 5 or 10 years when we moved house last year. She wanted to push a lot of 2 year deals but I thought this was too risky.
I’d have liked to have taken a 10 year fix but even at 10 years the competitiveness of the rate dropped right off compared to the difference between 2 and 5 years. So we went with the 5, and we will just have to see how things are looking come 2027.