This is something I don't quite understand, in France, where many of my colleagues hailed from when I was working, fixed rate mortgages are the norm when rates are relatively low. A colleague was able to remortgage his house, on which he had been paying a mortgage at 4%, for a new loan at a measly 1.44%; fixed rate for the entire 20 year life of the mortgage.
How come such deals are unavailable in the United Kingdom; is it the greed of the banks, is there some legislative reason why they can't or won't do this or is it, as I suspect, pure greed and profiteering!
https://www.economist.com/leaders/2022/10/20/a-global-house-price-slump-is-coming?utm_id=23852509992360064
@freemo
When my parents bought the house in which I was raised, they got a 3.5% fixed rate local authority mortgage as my father was working in newly formed administrative branch of the NHS. Some laughed at him as 3.5% was somewhat above the variable rate at the time but later when mortgage rates rose to 15%, they stopped laughing!
@Paulos_the_fog fixed rate for the term of the mortgage is the norm in the usa too.