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This scares me to death! This will basically KILL people who are on fixed mortgages like me. (10 yr fixed) I don't know who else has done the sums, but if as me you have tried to be sensible and take out a fixed rate loan (just before they dropped as I did) This will bankrupt you. It would cost you £82,000 over the 8 year period. If you have a £350k mortgage at a fixed rate of £5.85% 2013 $0 extra to find/year 2014 $0 extra to find/year 2015 $2950 extra to find/year 2016 £5850 extra to find/year 2017 £8775 extra to find/year 2018 £11,700 extra to find /year 2019 £14,625 extra to find per year 2012 £17,550 extra to pay per year 2021 £20,475 extra to pay per year Total of £81,900 extra to pay just over that short period, I don't know about you, but that would force me to leave my Island of Birth and have to move to the UK.