"We are victims of irresponsible lending" - the words of a couple forced this week to sell their home because they could not keep up with mortgage repayments. This unhappy story is being played out up and down the country, resulting in much hardship and distress. However...
The couple in question are city traders who 'needed' £1.5 million to fund the purchase of a 'dream Sussex farmhouse'. A broker arranged a loan for the full amount (eight times their regular income) which was agreed by the bank without any salary check. Four months later, the couple are selling because they cannot make ends meet on the mere £1,300 they have left after paying the mortgage each month.
This is worthy of comment in so many ways that I shall leave it to you, dear readers, to muse at leisure on the matter. Meanwhile I shall refrain from comment on the issue du jour except to say that far from the 'adultification' cited in my previous post, the radio equivalent of two little boys shouting obscenities through someone's letter box and running away is a perfect illustration of the infantilisation that permeates contemporary society.
7 hours ago