In September 2020, having been overly generous with his money, Rishi hit nancial problems. In order to provide some working capital, he borrowed 1million from the Bank of Ingerland; in return for which Rishi granted a 25 year mortgage over No 11 to the ban k, which complied with all required formalities. The terms of the mortgage agreement provided that: "Clause 1: The capital and interest are tied to the Euro, and the legal date for repayment is April 1St 2022. Clause 2: The variable interest rate will initially be set at 5% above the prevailing inter-bank Euro interest rate; Clause 3: If the mortgagor defaults on any monthly payment then the interest rate will be increased by a further 2%. Clause 4: In the event of early redemption the Bank of Ingerland will be entitled to charge an administration fee equivalent to 67% of the outstanding loan balance.\" Rishi struggled on, trying to keep his head above water. However, by the start of 2022, Rishi again hit financial problems with increasing European interest rates, the high cost of living and the collapse of the pound against the Euro. Rishi missed his March mortgage payment to the Bank of Ingerland. The following day, the bank informed Rishi that it had increased the interest rate on the loan by 2% in accordance with Clause 3 of the mortgage agreement. The bank also informed Rishi that it required immediate vacant possession of No 11 so that it could sell it to Kier, the bank manager's brother. The bank also informed Rishi that, as the sale would result in early redemption ofthe mortgage it was entitled to claim the administration fee under Clause 4 of the mortgage agreement