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George Osborne Secures Cheap Mortgage From Exclusive Bank For Super-Rich After His House Value Doubles To £4Million

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http://www.dailymail.co.uk/news/article-2546138/George-Osborne-gets-cheap-mortgage-exclusive-bank-super-rich.html

Chancellor 'cuts his interest loan' on home in Notting HIll, west London

Osborne rents it out for £10,000 a month while living in Downing Street

Switches mortgage from Barclays and C. Hoare & Co, to RBC Europe

George Osborne has moved his mortgage to an exclusive bank for the super-rich, it was claimed.

The Chancellor is said to have cut his interest rate on the loan on his £4million house in Notting Hill, west London - which he rents out for £10,000 a month while living in Downing Street.

Mr Osborne reportedly switched the loan on the house - which has doubled in value since he bought it in 2006 - from Barclays and C. Hoare & Co to RBC Europe, part of the Royal Bank of Canada.

..

Ray Boulger, of mortgage firm Jon Charcol, told The People: ‘The rate will vary on the individual but someone like George Osborne is likely to pay 1 to 1.5 per cent above the base rate of 0.5 per cent.

‘You or me are not going to be going there (to RBC) - they are not in our market. I’m not sure what their minimum loan size is but it would be at least £500,000 or maybe £1million.’

A rate of 2 per cent is significantly lower than the average high-street mortgage - and Labour MP John Mann claimed Mr Osborne was ‘trying to get a cheaper rate than everyone else’.

It gives you a nice warm fuzzy feeling doesn't it.

All for one and one for all!

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RBC Europe, part of the Royal Bank of Canada

Does he know any Canadian bankers who might be able to influence policy rates I wonder?

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i trust there is no conflict of interest here.

..making hay while your in control of the sun ..could be a conflict ..but we know that would have been flagged up if it was the case... :rolleyes:

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