When the widespread premium car buying started at the turn of the Millennium, the internet less of a thing then, I put it down to good old fashioned Keeping Up With The Neighbouring Jones’s.
Through my profession and personally, I knew people in modest homes upwards, who remortgaged to buy £40k Mercs or to go on a bunch of lovely holidays. Dreams fulfilled in taking the family to Florida or California or Barbados. The remortgage forms generally stated “home extension”. It was...
Very true. The soft touch approach to regulation/supervision of the lending sector in the noughties, exacerbated the collapse and near collapse of lending institutions, and misery for some borrowers who were left with negative equity when they wanted to move home.
Lessons of history are never...