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by Robin_Message
2688 days ago
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The UK typically uses the same system of fixed rates for (usually) 2-10 years. Story time: several years ago I took out a 10 year fixed rate of 2.99%. My thinking was that since the base rate couldn't really go down any further, I was locking in a good rate. As it's turned out, so far I could have had a series of 2 year fixed at around 2%, so this was potentially the wrong move, although the maximum downside was limited. My parents on the other hand took out a 12.99% fix in the early 90's, which turned out to be incredibly unlucky given the unprecedented low inflation of the nineties and noughties. |
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