John Terry is back in the headlines again this week; this time about his mortgage.
The Chelsea football star earns £170k a week and the media have been digging around the land registry information to see that Terry bought his mansion in Surrey for £2.25 million back in 2003 and yet last year, Terry took out a mortgage on the sme house for £3.95 million.
Amidst rumours of gambling issues and talk of paying money to women he had slept with in order to buy their silence, Terry’s agent denies any money problems and told the media the higher mortgage was to take advantage of a great mortgage deal with a good interest rate in order to fund other property purchases.
Terry has already lost his England captaincy and is currently paying £800 per hour to lawyers that specialise in reputation management for celebrities and large companies.
This article highlights the situation that many homeowners have found themselves in. As property prices rose, homeowners have remortgaged their property to fund other purchases such as cars and now property prices have reduced slightly, those that mortgaged themselves to the hilt are either struggling to meet repayments or are in negative equity, i.e. they owe more than the property is worth.
Currently, John Terry should have no problem meeting his mortgage repayments providing he can keep his image intact.
