Can you quote the exact clauses in your T&Cs that state that the rate can vary? EBS terms changed somewhere around '05 - '06 to deal with this issue more explicitly. If your T&Cs predate that, you might have some chance of getting around it. If not, I wouldn't be optimistic. As far as I know, EBS aren't currently consenting to letting out PPRs without reclassifying the loan as a buy to let, complete with interest rate hike. Of course, there's always the option of not telling them, which many on here advise, but it could leave you open to a lot of hassle down the road.