Wednesday, October 13, 2004

3.6 million pound Tool shed


If he can't apologise for the War the least he could do is
apologise for being such a tool ...
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After strolling along the Edgware Road a few days ago I got to thinking about Tony Blair's mortgage (his new house is just off the Edgware Road):
  • His new home cost £3.6m.
  • He earns £170,000pa
  • His wife earns similar
  • Two years ago, when the Blairs bought two flats through a convicted Australian conman, Cherie said "It was our only remaining capital to buy a property for our family."
  • Tony has a heart condition.
So, how is it that the Blairs can afford a £3.6m house on a combined income of £350,000pa? Normal mortals in similiar circumstances would be able to borrow maybe £1.4m.
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Maybe Tony and Cherie have copied a few tricks from their old friend Peter Mandelson; telling porkies on their mortgage application form or borrowing money from an obliging millionaire currently under government investigation?
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No. 10 isn't saying. One explanation floating around the newspapers last week was that the mortage was granted 'on the basis of future earnings'. If so, this represents a radical shake-up of the UK housing market and we can look forward to the prospect of unborn foetuses, from reliable professional families, taking out mortages on buy-to-let properties in West London.
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I'm also looking forward to the fact that London house prices are starting to fall, particularly at the high end, and may even drop by 20% in the next year or two. Total loss to the Blairs £720,000. I'd personally lose a few grand as well but it would be worth it, just to see that pair sucking on a little of what they've been dishing out for a change.
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