💵 CREDIT CARD – a plastic card which allows you to purchase goods and articles up to an agreed limit without using cash. This inheritance would be enough for the initial deposit and the bank manager confirmed they could now borrow the balance to purchase their first home. An elderly aunt, without any children of her own, died and left some money in her Will to Michael. They were very sorry now that they had wasted so much money on the holiday.Ī few months later they got a very welcome and unexpected surprise. It came as a blow to them when the manager told them that they could not lend them any money yet until they demonstrated an ability to save enough money for the 10% deposit. Their friends had taken out a mortgage with the same bank and recommended that Michael and Mary should do the same. They made an appointment with the bank manager to see if they qualified for a loan.
They had used their credit cards to pay for the honey moon and were trying to earn money now to repay that debt. They were broke after spending a lot of money on the wedding. They could not afford to buy a house for cash as prices were too expensive. They had lived in rented accommodation since they got married almost two years ago. Michael and Mary wanted to buy a house of their own.
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