Quote:
Originally Posted by pilotbob
Every mortgage here runs for a fixed term...as far as I know.
BOb
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My bad, didn't explain that at all well!
OK, in the UK, you borrow x amount for a period of, say 20-30 years. The default will be a variable rate mortgage. However, especially at the start, you may choose to have a fixed rate for a short period - say 3-5 years. Which is what I meant by fixed term
