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"Most shorthold tenancy agreements run for a fixed term of six or 12 months and then work on a rolling one-month period from then on," he said. "Mr and Mrs Cameron should have time to put their tenants on notice so they can move straight from Downing Street to Notting Hill." Alternatively, suggested Simon Collins,cheap authentic jordans,http://power-shoot.cba.pl/index.php?site=forum_topic&topic=11394cheapjordanshoesfreeshipping.com/bolg, of mortgage broker John Charcol, the mortgage might have been taken out to fund a new family home "somewhere a bit quieter". "He might well have been thinking about life after No 10 and?planning accordingly,cheap jordans," he said. But with his job in peril,http://www.cascsite.com/forum/viewthread.php?thread_id=40097cheapjordanshoesfreeshipping.com/bolg, how did David Cameron get a mortgage? Under tough new rules,jordan shoes, lenders have to assess mortgage applicants' ability to afford loans. They demand to know about any potential changes to applicants' circumstances - including the possible loss of their job. Mr Collins said the lender,http://www.appsmapper.com/iphonecheapjordanshoesfreeshipping.com/bolg, HSBC,?might have used Mr Cameron's salary as an MP, of around ?75,000, rather than his salary as Prime Minister, worth almost double that,cheap wholesale jordans, to calculate how much he could borrow. It?might have considered the security of his prime ministerial role in doubt, and he would have had to declare anything that might have meant the loss of his income - such as an impending constitutional crisis.? His tenure as MP,cheap jordans for sale, on the other hand, is secure until 2020 - unless we have another General Election and he loses his seat. Banks would ordinarily allow an individual to borrow only up to five-and-a-half times their salary - around ?412,000 - but Mr Collins said they?might have allowed Mr Cameron to borrow more based on expectations of future earnings, such as a book deal.?? Mr Cox estimates that the interest on this new mortgage, if??500,000,cheap retro jordans,?could cost ?20,000 a year?alone, based on a 4pc rate. He may have obtained a lower rate. However, as interest-only mortgages are now almost impossible to obtain, his loan is likely to be on a repayment basis - meaning higher monthly costs. All of this will need to be factored into his budgeting,cheap jordan shoes, Mr Cox said. The couple will?also be hoping that some of the more doom-laden house?price warnings don't come to pass. However, even with this new borrowing, they are probably less heavily indebted?than the average British household and are unlikely to need to worry about negative equity. Savings Based on the Camerons'?income from savings and investments as set out in the tax return published during the offshore tax evasion scandal earlier this year, Mr Cox estimated that they could have around ?200,000?in cash savings in high street banks. This would probably?be earning?an average rate of 1.5pc.? This is a sensible sum and will allow the family to manage the transition away from Downing Street, he added.? "This will be sufficient to tide him over and is more than the minimum six?months' expenditure people should hold as part of their financial plan," he said.? If their cash savings are not in fixed-rate Isas or savings accounts, they might want to seek some out. It's not clear what will happen to interest rates,Kicksokok.com, but some expect the Bank of England?to cut Bank Rate by another 0.25?to 0.5 of a percentage point in response to Brexit.? This could have a knock-on effect on the savings rates offered by banks and building societies, which could fall even lower than current levels.? Photographer Zoe Barker has created a photo project showing the home of two sisters who lived together for most of their lives. Above: Jean and Joy shared this bedroom from the 1950s until Jean passed away in 2008. The main photograph on the wall shows family friend and Spitfire pilot George Gribble. He victory-rolled over the house whenever he flew over the island. On 4 June 1941 he was seen to bail out over the sea near Dunkirk but was never found. The smaller photograph in the corner of the same frame is Bill Tudhope, a bomber pilot who was engaged to a cousin. He failed to return from a bombing mission over Germany in 1940. After the war his fiancee emigrated to Canada. Picture: Rex |