Mortgages in the UK are typically for 25 years, although longer ones are becoming more common. Typically when you take out a mortgage you can fix the rate you

Mortgages in the UK are typically for 25 years, although longer ones are becoming more common. Typically when you take out a mortgage you can fix the rate you pay for the first 1, 2, or 5 years. When that time expires you either go to a variable rate, or you might be able to lock in the rate of the day for another fixed period. In my case I paid started paying double around 10 years in, and paid off my property in 15 years total. At the time my reasoning was that while I could invest and receive a higher return I could survive unemployment pretty well if my expenses were just gas, electricity, insurance, etc, rather than also including the mortgage. As it turned out I made a good call, as when I owned the property outright I didn't have to receive permission from the bank to rent it out, when I later moved abroad. Currently I'm in a foreign country and my interest rate is lower than inflation, so I'm investing instead. But I suspect I'll start overpaying in the near future, just because having no mortgage gives a lot of free monthly income and reduces life-risk.