Fixes in the UK now are typically 2, 3, 5 or 10 years, certainly not life of mortgage. Idea is that prices increase and you repay the mortgage and you remortgag

Fixes in the UK now are typically 2, 3, 5 or 10 years, certainly not life of mortgage. Idea is that prices increase and you repay the mortgage and you remortgage onto a better rate (so start with 90% 5 year fix, after 5 years you've paid down to 85% of the original value, but value has increased so you now remortgage onto 75% LTV which is a lower rate than you would have on 90% LTV as it's less risky. Mortgage rates in the UK are far lower than 3.25% though -- 80% LTV on a 10 year fix with nationwide is 2.8%, 2 year fix is 1.54%. Drop that to 60% LTV and 2 year is 1%, 5 year 1.1% and 10 year 2%. It all falls down if rates were to shoot up, or house prices were to shoot down. The UK government traditionally protects house prices like the US government protects the S&P though. A house price crash is bad for polling.