USian mortgages seem differently structured to UK ones.
A colleague and friend of mine in Seattle just told me that he renegotiated his fixed-term mortgage and has reduced the term of the mortgage from 30 years to 15 years with repayments at the same amount just as a result of the reduction in interest rates.
In the UK I don't think I would get a 30 year mortgage at the age of 45 (he's older than I am) and the longest fixed-term mortgage would be 5 years (5 years at a fixed interest rate, + X years after at a variable rate but you can re-mortgage).
no subject
A colleague and friend of mine in Seattle just told me that he renegotiated his fixed-term mortgage and has reduced the term of the mortgage from 30 years to 15 years with repayments at the same amount just as a result of the reduction in interest rates.
In the UK I don't think I would get a 30 year mortgage at the age of 45 (he's older than I am) and the longest fixed-term mortgage would be 5 years (5 years at a fixed interest rate, + X years after at a variable rate but you can re-mortgage).