I know several of my friends in Britain go for that option they may pay more than the current interest rate but at least they know whatever happens how they can budget their mortgage payments for the next 3 - 5 years.
It is not about fixed or variable rates. She said she wanted to freeze rates which is the government setting them. That could mean two things. People that took lower short-term variable rates do not have to pay higher rates as the benchmark went up. Which would be the end of variable interest? Or she actually means ‘freezing” or setting the rate but at what rate? It is like welding one of your front wheels from turning or rotating. Fixing rates will wreck the economy.
I cannot fathom why any average wage earner would choose a flexible rate mortgage. Its lunacy, when if the rate goes down in any way, one can remortgage.
If the rate goes up, you can re mortgage, but why would you.