It still baffles me that people can afford to keep their houses with everything that's going on.. Either prices have to decline or things will go belly up very soon.
In the UK these long term deals never existed. Most people with mortgages are on 2 year deals, some 5 years, and others on 10 years tops.
After that (if you don't or can't renew for another deal) your mortgage rate defaults to an extremely shitty around 3% on top of the Bank of England base rate, which is now 5% so possibly 8% or higher.
So house prices will plummet pretty badly here most likely by the time all these people are on 5-6% (or worse) deals.
What IS baffling here is that most bought homes are actually owned outright.
But that doesn't help countless struggling mortgage payers or renters who are royally screwed over after the terrible financial decisions over the last several years: endless money printing & 2% inflation target to pretend economy is doing better than it is / reaction to Covid / net zero energy bollocks / proxy war in Ukraine / people trafficking