Asking whether fixed rate mortgages are scams is a big question. The answer depends on your outlook of scams.
The benefits of a fixed rate mortgage come in unconventional ways. You get to sleep ok at night. You get to budget safely every month.
One conventional nice benefit is you usually get these at cheaper interest rates than normal. Making the actual borrowing a bit cheaper.
When we say scams, we usually mean being ripped of or shafted. The fixed rate mortgage has positive and negative aspects but in my opinion they are far from scams.
Most mortgages and loans, not just fixed rate mortgages, could cost you more than they should if you end up with a poor deal. You need to swat up on them before you agree on a deal.
It all boils down to doing as much research as possible and equipping yourself with the best knowledge there is.
Nearly all brokers and websites offering mortgage advice have their own interests at heart, not yours.
Don't think for one minute they (comparison sites and brokers) give a hoot whether you end up with a good deal or not. They simply care about the commission coming their way if you take the deal.
This has been the case since day one. Rarely does a broker send you to the best deal for you. However there are exceptions and they have been some brutally honest brokers in the past. Not many though.
When you consider a mortgage you have to know the game inside out. Like everything in life, they more you know the better (deal) you get.
Just where can you discover this insider info about the mortgage racket? Get yourself a copy of Monty Burn's bestselling book, The Mortgage Bible.
Using the info contained, you could put yourself in such a better position financially before you agree to anything.
If you think that a mortgage is with you for half your adult life you owe it to yourself to be in the best possible bargaining position.
The benefits of a fixed rate mortgage come in unconventional ways. You get to sleep ok at night. You get to budget safely every month.
One conventional nice benefit is you usually get these at cheaper interest rates than normal. Making the actual borrowing a bit cheaper.
When we say scams, we usually mean being ripped of or shafted. The fixed rate mortgage has positive and negative aspects but in my opinion they are far from scams.
Most mortgages and loans, not just fixed rate mortgages, could cost you more than they should if you end up with a poor deal. You need to swat up on them before you agree on a deal.
It all boils down to doing as much research as possible and equipping yourself with the best knowledge there is.
Nearly all brokers and websites offering mortgage advice have their own interests at heart, not yours.
Don't think for one minute they (comparison sites and brokers) give a hoot whether you end up with a good deal or not. They simply care about the commission coming their way if you take the deal.
This has been the case since day one. Rarely does a broker send you to the best deal for you. However there are exceptions and they have been some brutally honest brokers in the past. Not many though.
When you consider a mortgage you have to know the game inside out. Like everything in life, they more you know the better (deal) you get.
Just where can you discover this insider info about the mortgage racket? Get yourself a copy of Monty Burn's bestselling book, The Mortgage Bible.
Using the info contained, you could put yourself in such a better position financially before you agree to anything.
If you think that a mortgage is with you for half your adult life you owe it to yourself to be in the best possible bargaining position.
About the Author:
Monty Burn was chief of the Voluntary Mortgage Regulator until his sacking for assisting too many people. Find out how to get the best fixed rate mortgage deal or download Monty's Mortgage Bible at his website Mortgage Watchdog. Insider knowledge can be yours.
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