M
Mr.McGee
Guest
Hi,
I visited my bank yesterday to discuss taking out a mortgage to buy an apartment. After a bit of discussion on the fixed and variable rates options, she brought up another option (mixed mortgage) which involved having a variable rate for 12.5 years and a fixed rate for the remaining 12.5 years. The current fixed rate from the bank would be 4.6% and the current variable rate is 2.35% (which she said could be negotiated down a bit more). She wasn't able to go in to any more detail on this solution as they deal with another partner bank and it's a person from that institution who could tell me more. I plan to arrange an appointment to find out a bit more but was wondering if anyone could tell me the advantages/disadvantages of it.
Thanks!
I visited my bank yesterday to discuss taking out a mortgage to buy an apartment. After a bit of discussion on the fixed and variable rates options, she brought up another option (mixed mortgage) which involved having a variable rate for 12.5 years and a fixed rate for the remaining 12.5 years. The current fixed rate from the bank would be 4.6% and the current variable rate is 2.35% (which she said could be negotiated down a bit more). She wasn't able to go in to any more detail on this solution as they deal with another partner bank and it's a person from that institution who could tell me more. I plan to arrange an appointment to find out a bit more but was wondering if anyone could tell me the advantages/disadvantages of it.
Thanks!