Very interesting article Rob. Unfortunately the mortgage system here is not as simple as in Europe. It would seem that they use the lack of education or mathematical skills of the majority to cheat them. First they charge a high rate of interest and calculate you monthly repayments. So far OK - you think you know what you need to find each month for the next 5-10 years. WRONG!! The banks are not content with that, they then increase your monthly repayments in line with an index called TR or Poupança. This can result in repayments increasing around 6% per year until in the fifth year you could be paying 30% more for your loan than when it started. My negotiations came to an abrubt halt when I pointed out that this was unfair!!