A couple of weeks ago Little Nicky wrote with some concern of the constantly rising price of homes and said that the plan is to make us all slaves to our motgages.
Today a finance house in south-east England announced the launch of an ongoing, interest only mortgage. The idea is the fanancier buys your house and you pay interest on it for ever. Not just til you die, right, but for EVER!
There is a getout of course. You will be able to bequeathe your debt to your heirs. Alternatively the financier will simply grab your home and sell it again to some other mug.
After “renters” being stigmatised for the past few decades until they are second class citizens, this sounds an awful lot like renting but without any of the privileges.
If you want to know what happened lat week read a magazine,
if you want to know what happened yesterday read a newspaper, but if you want to know what will happen tomorrow read LITTLE NICKY MACHIAVELLI.