Tuesday, February 16, 2010
Could this tactic be useful for the UK?
"Canadaâ€™s Finance Minister Jim Flaherty tightened rules in the countryâ€™s mortgage industry to ensure buyers can afford their homes when interest rates rise. Under the changes for government-backed mortgages, which take effect April 19, buyers will have to meet standards for five-year, fixed-rate mortgages even if they opt for variable rates. Limits on refinancing will be stricter and people buying a home that they donâ€™t occupy must make a down payment of 20 percent".