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@dst2
depends what's happening. If inflation is running high, driving the rate rise, you might be lucky and your earnings will go up with inflation. This could reduce the capital you owe vs your income significantly. House prices could stay the same in value (a real term decrease due to the high inflation), you would keep any equity (although it would be worth less in real terms) and the house price vs average wage becomes more inline, a much needed correction. Your mortgage payments have gone up, but thats OK - so has your earnings. This vaguely happened to my dad in the 70's. By his own admission he was very lucky.
If you're not lucky in this scenario, you're fucked.
Also this may be a gross simplification.