The fall of the Tory party

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t-v

Take a real example. Monthly repayments on a mortgage of £225,562, with a 25-year term, and an interest rate of 0.5% are £800.

To increase repayments to £2,000 per month, the interest rate would need to increase to 9.69%.

In other words, this didn't happen.

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frankenbike in reply to @t-v

It will be an interest only mortgage.
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aggi in reply to @t-v

You can get pretty close without really trying funky stuff.

£220k @ 1% is ~ £800/month
£220k @ 8.5% (some banks have SVR around this) ~ £1,800/month

If he can't remortgage for some reason then he can end up stuck on SVR. It's been happening to a lot of people.

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