Totally disagree. If you look at the difference between fixed and floating and the amount of time left on the housing, in this case 10 years, then you are far better off going floating. The very rare off chance that you may use the housing some time in the next xx years of your working life and that fact that the fixed is at it's current levels because the floating rate formula works is reason enough. If you think 70K is a lot then you probably would have thought 42K fixed was a lot when the scheme was first introduced.
Have a look at where 5% inflation puts 70K in 12 years. And the thought that KA has just gone 25 yrs on housing.