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11 November 2008

Why can you not have a fixed for ever mortgage rate in th UK

We have a US mortgage and it is fixed for the whole 30 year term. People could pay at the interest rate they started at, so it makes no sense to me that Banks can force buyers out of their homes simply because they can't meet new payments at higher rates. If you went to buy a new car and were offered the same deal you would laugh at it!!! so why houses Alternatively, since the average mortgage only lasts about 7 years, why not just extend the term instead of raising payments?? Love the site Paul

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