Re: Extrication from Fixed rate mortgage?
I agree wholeheartedly with this option as a 'once-off' option. And like you I think people who signed on the dotted line of a fixed rate ought to have known what they were getting into. BUT the banks, the bankers, the regulators and the developers are all getting off scott free and the tax payers are paying and will continue to pay for their mess so a once off option, to give something back to ordinary householders would be the right thing to do.I usually hold the opinion that if you enter into a contract with your eyes open, you must deal with the consequences if it doesn't go your way.
But on this issue, I feel there is some merit in a proposal for a once-off amnesty where owner-occupier mortgage-holders get a brief "window" of time to break out of a fixed rate entered into prior to October 2008 without penalty.