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Thursday, June 09, 2011

Fixed mortgage costly mistake

A couple of years back prudent opinion pushed some mortgage holders to jump to long term fixed mortgages of 10 or even 25 year periods.

David Hollingworth of London & Country, the mortgage broker, said the loans, which were heavily promoted by Gordon Brown, were "doomed from the start".

Prudence and logic cannot predict the future, but maybe insanity and risk are a better bet.

This account in the Telegraph shows that prudence can sometimes be a costly trait.

Oh, dear prudence!

PS - I almost coughed up my cornflakes this morning when Blair turned up on BBC Breakfast to supposedly discuss peace in the middle east, whilst launching the soft back version of his latest piece of warped memory phlegm. Has that man got any shame? Let's hope Gordon persuaded him to get long term fixed mortgages on his entire property portfolio.

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