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The most
common types are 20 to 30 year
variable mortgages where the
interest rate can vary up or
down depending on the
financial market at the time.
Another option available to
borrowers is a fixed rate
mortgage where a portion or
all of the mortgage is fixed
for a term of 1, 2 or
three years and it then
reverts to a variable rate
martgage.
Financial
markets have evolved to such
an extent that there are a
multitude of flexible
mortgages available now
including which ones which
enable you to redraw a portion
of the loan depending on your
equity and financial
situation.
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