I have no equity, more than likely in negative equity already. If base rates went up high, I would happily be reposessed, walk away with my furniture and my Cossie.

LOTS of people are in the same boat, the property market would collapse if rates went up high and the HUGE number of repossessions that would occur. It would become a vicious circle. That's why you can't get a mortgage at the moment without a huge deposit.