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Eddie_George

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George Osborne switches mortgage to exclusive bank on the CHEAP while working Brits continue to struggle

George Osborne has switched his mortgage to an exclusive bank who do special deals for the mega-rich.

The move may have nabbed the Chancellor an interest loan of less than two per cent on the house, which he rents out for £10,000 a month while he’s living in Downing Street.

And that would put him in a better position to dodge the worst of the feared interest rate rise which experts forecast for later this year.

One top ­economist said last night: “He’s clinched himself a much cheaper deal than Joe Public could get.”

Mr Osborne switched the mortgage to RBC Europe Ltd on December 9 last year.

The Notting Hill house has six bedrooms, four reception rooms and three bathrooms and is now worth an estimated £4million.

The Osbornes rake in £10,000 a month from tenants who pay £2,450 a week for the house while the Chancellor’s family live rent-free in Downing Street, as the Sunday People ­revealed in November.

It makes a mockery of the idea we are “all in it together” with ­ordinary homeowners struggling with interest-only mortgages .

Lots of speculation there. They even bothered to ring up old Ray Boulger for some quotes. Has he fixed his mortgage? If so, perhaps he knows rates will rise.... :ph34r:

http://www.mirror.co.uk/news/uk-news/george-osborne-rbc-mortgage-chancellor-3062406

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have serious equity in their London home, which has more than doubled in value since they bought it for £1.85million in 2006.

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What does everyone expect? He's the Chancellor of the Exchequer, do they think he'd have an endowment mortgage with the co-op? FFS!

And if he did, what would that say? :lol:

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What does everyone expect? He's the Chancellor of the Exchequer, do they think he'd have an endowment mortgage with the co-op? FFS!

And if he did, what would that say? :lol:

He is in the labour party.

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George Osborne switches mortgage to exclusive bank on the CHEAP while working Brits continue to struggle

Lots of speculation there. They even bothered to ring up old Ray Boulger for some quotes. Has he fixed his mortgage? If so, perhaps he knows rates will rise.... :ph34r:

http://www.mirror.co.uk/news/uk-news/george-osborne-rbc-mortgage-chancellor-3062406

..well ..yes...rates and margins are calculated on risk ..that's a no brainer... :rolleyes:

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..well ..yes...rates and margins are calculated on risk ..that's a no brainer... :rolleyes:

margins?

in spite of huge book margins in the run up to 2008, banks were broke.

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margins?

in spite of huge book margins in the run up to 2008, banks were broke.

..hah..yes.. that was in the days of Nuliebour's funny money ....and high margins were taken to try and cover for bad debts due to poor lending ...in Osborne's case it is a low margin today due to him being a low risk borrower.... :rolleyes:

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shocker as bank charges lower rate for lower risk borrower.

of all the actual stories the mirror could report, they choose this rubbish.

Its the link to Canada that makes this worth highlighting.

Wonder who directed him to them.

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Its the link to Canada that makes this worth highlighting.

Wonder who directed him to them.

...like your quote on the Mirror ...do they understand what real risk assessment and pricing is all about ...logic is a whistle in the wind to some... :rolleyes:

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Its the link to Canada that makes this worth highlighting.

Wonder who directed him to them.

RBC have a pretty big wealth management (aka private banking) operation in the UK as do TD. That Osborne (or any other loaded person MP or otherwise) would bank with them isn't exactly surprising or unlikely.

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RBC have a pretty big wealth management (aka private banking) operation in the UK as do TD. That Osborne (or any other loaded person MP or otherwise) would bank with them isn't exactly surprising or unlikely.

..true banking is about risk management and ethics with no conflicts of interest ...as long as these conditions are met ...we are all in the clear... :)

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