Correct. You usually fix for 2, 3 or 5 years or not fix at all and just pay BoE rate +X bps. It's technically possible to fix for 10 but few do. I think for

Correct. You usually fix for 2, 3 or 5 years or not fix at all and just pay BoE rate +X bps. It's technically possible to fix for 10 but few do. I think for the whole "interest rates control inflation" thing to work you need some exposure to it. The Australians have a different model: you fix some of the mortgage and the rest varies with the official rate. It's interesting how different places ended up with quite different models...