One of a number of financial landmarks I experienced.
I remember feeling smug that we had a few years locked in at 5.5% and one of my mates being ‘happy’ that he had managed to get a mortgage at 11% just before it went to 13%.
That 5.5% would be beyond many people’s imagination now, never mind, 11, 13, or 15%
Another fine memory: I was sat in the bank i guess it must have been 2008?, RBS, negotiating the next few years of my mortgage as the fixed term deal had run its course. There was clearly something not right, it was taking hours and involved the bank person spending more time out of the room than in with me. As the clock went well beyond bank closing time and she came back in I asked if there was a problem, ‘Yes, we can’t arrange the credit, the credit rating isn’t good enough’.
I started a panic rant, explained they knew my credit history, never missed a payment, but she cut me off mid rant. ‘Not your credit rating, ours. We can’t get any credit to offer you a mortgage with us’.