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100 sats \ 2 replies \ @nullama 3 Jul 2023 \ parent \ on: Daily discussion thread
They only have fixed for a few years only, then it turns to variable.
Example: HSBC UK has up to 5 years fixed, plus if you have a fixed mortgage there are fees like early repayment fee, booking fee, etc
I stand corrected.
That's actually completely insane. With a 25 year mortgage, you'd be guaranteed to have to deal with at least 2 recessions (which are typically 7-11 years apart), any one of which could push your mortgage payment beyond what you can afford. In the best case scenario, you're savings would get wrecked partway through the mortgage term.
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And they call you a conspiracy theorist when you say the banks are bleeding us dry!
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