“There’s eight thousand (L450) in the first mortgage, and the loan institution will lend half that. That’ll make twelve thousand (L675). That leaves three thousand (L175), and I’m not afraid of putting that in as a third mortgage,” said Brun.
Pelle did not like that. “There’ll be need for your money in the business,” he said.
“Yes, yes! But when you put the house into repair and have it re-valued, I’m certain you can get the whole fifteen thousand in the Loan Societies,” said Brun. “I think it’ll be to your advantage to do it.”
Ellen had taken pencil and paper, and was making calculations. “What percentage do you reckon for interest and paying off by instalments?” she asked.
“Five,” said the old man. “You do all the work of keeping it up yourselves.”
“Then I would venture,” she said, looking dauntlessly at them. “It would be nice to own the house ourselves, don’t you think so, Pelle?”
“No, I think it’s quite mad,” Pelle answered. “We shall be saddled with a house-rent of seven hundred and fifty kroner (over £40).”
Ellen was not afraid of the house-rent; the house and garden would bear that. “And in a few years we can sell the ground for building and make a lot of money.” She was red with excitement.
Pelle laughed. “Yes, speculation! Isn’t that what the hill farmer has gone to pieces over?” Pelle had quite enough on his hands and had no desire to have property to struggle with.
But Ellen became only more and more bent upon it. “Then buy it yourself!” said Pelle, laughing. “I’ve no desire to become a millionaire.”