> I have a mortage in Poland. Base rates went from 1.5% to 6.75%. My mortage’s monthly payment went from 1792PLN to 3200 PLN (~715 USD), where 3000 PLN is interest.
Are fixed-rate mortgages not the norm in Poland?
Are fixed-rate mortgages not the norm in Poland?
This is from 2010 but has some good charts. https://business.sdsu.edu/_resources/files/real-estate/resea...
Anecdotally it meshes with some things I've heard elsewhere but don't hold me to it:
- Canadian mortgages are typically something like 5 years.
- UK is similar, it's either variable, or fixed for something super short, like 2-3 years.
- Australia same kind of boat, most are variable, I've heard the interest rates during covid temporarily reversed the trend, but same deal, they're only fixed for a few years.
The cynic in me would have assumed the US led the world in predatory style lending. This country loves handing people more than enough rope to hang themselves with, while depriving them of any relevant education beforehand.
Banks also made those mortages noticably pricer, so few people picked them (me included).