Stan And A Mortgage

Stan with us for Sonnet's Ballgowns and the Queen, God bless.  He is in great shape, too - jogging a couple miles each morning or a long walk.  We were together last month for Marcus's wedding, which already seems ages ago.

Me: "It's tough being a young person these days.. . "
Eitan, Madeleine:
Me: "Buying a house, for instance.  It has become very difficult to buy your first home."
Eitan, Madeleine:
Me: "How do you buy a house anyway?"
Madeleine: "How should I know Dad?"
Me: "What do you need, I mean?"
Eitan: "Money?"
Me: "Good. But what if you don't have it?"
Madeleine: "You can get it from your parents. Or steal it?"
Me: "Let's be a little less creative please. Where else do you think?"
Eitan: "You could borrow it from a bank."
Me: "Excellent.  Now let's say the house is worth, like, a million pounds.. . "
Madeleine: "I have £320 .. ."
Me: "Say it's a million pounds and you have to borrow the money.  What do you think the bank looks for before giving you the dough?"
Eitan, Madeleine:
Me: "Will they lend to anybody ? Most likely they will lend a million pounds to ...
Madeleine: "Somebody who will give it back!"
Eitan: "So they will look at your job."
Madeleine: "So, if you're ,like,  a butcher or something, the bank will give you a million pounds?"
Me: "What are some other things ?"
Madeleine: "How long you've been a butcher?"
Me: "Good work.  The bank will also look at your credit card and make sure you always pay up on time. Can you think of anything else?"
Eitan: "If you're rich?"
Me: "How about the value of the house ? If the house is worth £100 and the bank lending you a million, does that make them happy?"
Madeleine: "I guess so if they gave you all that money."
Me: "If you can't repay the loan what happens?"
Eitan, Madeleine:
Me: "The bank will take your house."
Madeleine: "So you mean the bank is going to take our house?"
Me: "Let's hope not. This is a lot to take in so let's think about these things a bit.  It may one day be important to you."
Madeleine: "So can I have some ice cream now ?"
Me: "Go for it."