NINJA LOAN – a loan or mortgage made to someone who has ‘No Income, No Job, No Assets’
JINGLE MAIL – the practice of sending back one’s house keys to the mortgage company because of negative equity, or the inability to keep up with payments
IPOD – acronym for ‘insecure, pressured, overtaxed, and debt-ridden’
HOMEDEBTOR – homeowner with a very large mortgage, particularly one that they are unlikely to ever pay off
SPEED MENTORING – a style of career- or life-coaching modelled on speed dating, in which each participant has a few minutes to seek advice on career-related questions
FUNT – someone who is Financially UNTouchable
EXPLODING ARM – variable rate mortgage with rates that soon rise beyond a borrower’s ability to pay
GOING UNDERWATER – falling into negative equity
STAGFLATION – stagnant growth and rising inflation
-OUP UK’s Word of the Year is…
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