In discussions with your bank manager, you have been offered a 20 year mortgage with...
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In discussions with your bank manager, you have been offered a 20 year mortgage with interest rates fixed for the next 5 years at 4.5% (when the rates will be reset), or an alternative of a mortgage with interest rates fixed over the whole term of the mortgage at a rate of 5.5%. Explain why you might not want to take advantage of the lower rates on the 5 year fixed option
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