On: Mortgages are a manufactured product (2022)

[rsynnott]

In general, in Europe, either:

- It is the norm to use either a variable rate or series of short fixed rates

OR

- Redemption fee is capped (for instance in France it’s capped at one quarter worth of interest).

I’m not sure it’s normal anywhere to have a 30 year fix which you can’t get out of? Which country are you thinking of?

[nasmorn → rsynnott]

I got a 20 year fixed at 1.125% and I am really happy the bank can’t get out of it. I really did wonder why they even gave me that money but who am I to complain.