Quote:
Originally Posted by pilotbob
Well, the answer is, it depends.
First, I'm not sure how it works in the UK, but many mortgages here are "fixed" rate. The rate is set at loan origination and does not change. See about re-fi below.
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In the UK fixed rate mortgages tend to run for a fixed term, then revert to variable rate. But as HarryT said, many people have a variable rate anyway that follows the current interest rate.