I misspoke - you would not be able to remortgage and would need to repay the loan when the term expires, or be repossessed. In the UK, most people are on a 2 or

I misspoke - you would not be able to remortgage and would need to repay the loan when the term expires, or be repossessed. In the UK, most people are on a 2 or 5 years fixed-rate mortgage, after which you don't need to remortgage but really want to, because the variable rate is typically a lot more expensive - so you're throwing even more money into the hole.