Many people took mortgages when they the interest was low and the future looked bright but that was before the oil crises and the second Iraq war. Hasher times are ahead and you and many others should really consider to do remortgages for the houses. It can be good to pay off the old loan and get a new one and you not have to worry about the interest going up even further.
If you think the economy for you or in general is going to get really bad then a mortgage protection plan is what you should consider. To protect what you have if things get worse.
What ever you do do not just stay in the same position you are in now it will not get better.
