30 Year Fixed Rate Mortgages Plea For Families

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Leeds's picture
Leeds
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Joined: 26/11/2009 - 09:37
Posts: 8611
30 Year Fixed Rate Mortgages Plea For Families

http://money.aol.co.uk/2011/10/20/30-year-mortgages-plea-for-families/?i...

Seems like quite a sensible idea to me, as long as the borrower could opt out without too severe a financial penalty if they subsequently found something more suitable.  I hadn't appreciated until I read the article that you cannot get a fixed rate mortgage for longer than 5 years at present.

Hopeful
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Joined: 02/12/2009 - 19:00
Posts: 6370

I think its a pretty good idea if you decide that the house you're going to get a mortgage on is going to be your forever home (well until the kids have left).
The idea of always knowing how much your mortgage is going to be is very appealing to most families as it'll offer them the security and peace of mind.
But there does need to be some sort of claws like you said Leeds that if circumstances change they arent charged a huge financial penalty.