Does the UK not have fixed mortgage interest rates? Over here the common mortgage terms are 15 and 30 year with fixed interest rates, anyone with sense either took out or refinanced their mortgage when the interest rates were low at 2.5-3%. The problem the housing market is suffering from currently is that people are not selling because their mortgage is at the low rate and they can't match it.
Yep -you can get fixed rate mortgages for 2 to 5 years. I took out a 5 year one when I first bought my house, and when it ended my monthly payments dropped by 30%.
Work colleagues have are coming to the end of their fixed terms, and the cost of new fixed rates are usually higher than the current base rate for obvious reasons.
