Jenson Button:
"Borrowing and interest rates are still pretty low compared to the previous two decades and those coming to the end of a fixed mortgage will be able to take advantage of the latest interest rate cut"
Are they really? This may be so on paper, Interest rates 20 years ago where 12-15% where as now they are 5.75%, so yes they are pretty low in comparision.. What you have to remember and most people forget this, the amount of money you can actually borrow now is more than double that what you could borrow 20 years ago!
The average mortgage loan 20 years ago was 2-2.5 times your salary Max , now its nearer 5 times. If you earnt 20k 20 years ago you could in theory only borrow 50k, interest rates where 12-15% and the average interest payment was 6500k per year. Today, if you earnt 20k and could borrow 5 times you're salary, 100k. Even at and interest rate as it currently is you still have the same 6500k interest payment per year! So are we actually any better off? Plus you have to remember that fuel, food and the cost of living is all higher than it was 20 years ago, even taking into account the cost of inflation..
I know this has nothing to do with the original post and sorry from taking the post off, just thought it was food for thought...