None of that here. You fix typically for 2, 5 or 10 years and re fix at the end each term
if you don't then the rate reverts back to what is called the standard variable rate that can move from month to month
Most folks fix
That’s crazy. Mines a 15 year fixed rate at 2.75%. I almost refinanced two years ago for ten years, that was what was left on the loan, and it would’ve brought it down to 2.1% but I didn’t pull the trigger.
I don’t understand why it doesn’t work in other countries the way it works here, since we mostly have the same banking systems. I looked into buying property in the Caribbean and they wanted 40% down and the rate was 6.5% and this was a few years ago. Not sure how high the rate is now.