fixed rate mortgages

Fixed rate mortgages?

Hello, I do not know a lot about mortgages to everyone, but wondered if you have a Fixed rate mortgage means no being beaten by the bank of England interest rates (and now you can have a fixed rate for 25 years). So why do not all have. ie What are the disadvantages of them? Thanks for the informative answers, and apparently nationwide are now 25yrs fixed rate, or so I read last month.

2 years ago I have a house with nothing below 100% of the loan, to 7.49 ARM, adjustable rate mortgage, was for two years, my PMTs were 945. a month, at the end of 23 months here comes a letter saying that my arm is one and my new interest rate is 10.49, OMG OMG OMG until my payment was 1150.00 almost overnight, I'm refi'ing for a fixed rate of 6.25 percent, the ARM is good for people like me who had little to begin with, but it must refinance to a fixed rate because WARRANTY mortgage company adjustable rate will soar at the end of the period of 2-3 years ….. good luck, email me if you want to talk, I'm new to this, but it has a lot of "smart" people in "good" places that used to take me wrong, if I do not know what they know that … am Texas, however, so its probably different way of where you are

How to Pick a Mortgage : Tips on Adjustable home loans

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