Interesting Contractual Matter #1

Now here is an interesting scenario. As recently as 2007, just before financial Armageddon, such high-profile lenders as Abbey and Cheltenham & Gloucester, were offering special loss-leading mortgage deals offering 1% below base rates.

With rates now at just 1.5%, and possibly set to go even lower, what would happen if rates fell to 0.25% like our Septic cousins across the pond??

Some of these deals ran for three years apparently, and as nobody foresaw the situation we were going to be in now, nobody bothered to think about writing in a "what if" clause.