Is fixed-term mortgage better or floating mortgage better?
According to a survey done on Uk Mortgages, majority of them prefer fixed-term mortgage. When you have a housing loan, having a fixed-term mortgage allows you to budget better as you will not be held random to the wild swings in the interest rates. There was a period of time, just 2 years back, when housing interest rates rose to 6% after it had been constant at 1%. Many of the homeowners faced a credit crunch.
With a floating rate, you will be able to take better advantage of the falls in interest rate. With the US treasury board decreasing the interest rates, the rates in Singapore may be affected. That would mean savings for the homeowner, but only if their mortgages are flexible enough to allow for changes.
Which one do you think is better?
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