If you live in the US you have the option to take an Adjustable Rate Mortgage.
Don’t ever do that. Always take the fixed rate mortgage.
In the UK I don’t think there is a choice. nostr:note1s53q9de3x2wzy42gym9283gx4xw7jt3xdgfqwce0ca5vtgkueucsa0fxw5
Discussion
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May not be a bad idea to take adjustable now.
Rates shouldn’t move much higher.
It’s a gamble, but a potentially reasonable one at this point.
That’s no gamble no more
#MRC
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Refinancing is an option to ride rates down but it does take more effort.
Well, if you have low rates currently there’s zero point to refinancing.
But, if you’re buying a new home, then adjustable may be a better choice than 30yr.
Sure, you could refinance, but there’s cost there and effort there.
...and make sure: "no prepayment penalties " is in writing.