TWO-YEAR isn't 'fixed' ! ! ! I assume Brits without frontal lobes signed up for these for low monthly payments? Or, are longer term fixed mortgages not available? 15- & 30-year fixed are the common ones offered in the US.
https://www.independent.co.uk/money/average-twoyear-fixedrate-mortgage-hits-6-for-first-time-since-2008-b2196146.html
Nice overview here but misses the craziness that's happened the past few weeks or so https://www.statista.com/statistics/386301/uk-average-mortgage-interest-rates/
I was due for renewal, Had a 3.5% 5 yr fixed offered by existing lender, 2 weeks later it was 4%, now the offer is 4.5% - in the space of 3 weeks. There are 10 yr and greater ones available in the 4% range.
Jumped on a 30 year, 0.5% fixed rate last year. Pretty happy with that.
Here the 6% fixed 30 year has just opened.