That last statement isn't true (even if the rest is, which I doubt, I think you're being fibbed to)
It's not being paid off. It just isn't currently increasing in debt.

And trackers like that are only set for 2 years max anyway.

and they are set below the banks base rate, not the bank of englands. Bank base rates are 2-4% higher than the BoE base rate. So he'll still be paying 2% interest or so.
( the mighty badger Aphrodite, on a bar stool, by your side, Mon 8 Jun 2009, 14:04, archived)

it was a she
she is not normally in the habit of lying either, she seemed fairly convinced about it though.
( turb0t, Mon 8 Jun 2009, 14:37, archived)