Wednesday, Oct 11, 2006

I've heard it all now!

Telegraph: Bankers buy homes on future bonuses

Rich bankers are being invited to take out huge home loans based on their annual bonuses, before the payouts have even been decided. Woolwich, which is now part of Barclays Bank, has launched a "City Bonus" mortgage aimed at those who are expecting big bonus payments in the new year but who want to buy a new home now. Only those wishing to borrow more than 500,000 need apply."Most people expecting a large bonus in January or February will already have a good idea if they are going to get one," said Andy Gray, the head of mortgages for the Woolwich

Posted by tyrellcorporation @ 08:29 AM (487 views)
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1. harold said...

Why don't they go the whole-hog and give people huge loans simply based on the prospect of them getting a job in the City, which may entitle them to a bonus?

Yes, I reckon I must be worth a big job in the City with a salary of, say, 250K - yes, that should do it. And then when I add on a bonus of, say, 500K I should be worth a mortgage of around 5 million. Excellent, I'll pop down to the Woolwich right away.

Wednesday, October 11, 2006 09:38AM Report Comment

2. tyrellcorporation said...

I find it amazing that the Woolwich are opening themselves up to that sort of risk - desperate times indeed!

Wednesday, October 11, 2006 10:25AM Report Comment

3. george monsoon said...

I hope they buy a house with a high enough balcony from which to throw themselves when the market goes pop.

Wednesday, October 11, 2006 11:16AM Report Comment

4. Cstanhope707 said...

What's next a mortgage based on winning the lottery. Its just going to be such a hoot when HPC happens. Such desparation begs the question if things are so good why oh why do banks have to resort to such stupid loans.....

By the way the banks are now offering Loan holiday's for up to 2 months a year. This will be the next craze....

Wednesday, October 11, 2006 01:11PM Report Comment

5. inbreda said...

I've already moved my money from HSBC, now I have to get it the hell away from Woolwich.

I'm running out of banks!!

Wednesday, October 11, 2006 02:10PM Report Comment

6. indiablue19 said...

I've had the feeling that Barclay's is in up to its nostrils since they randomly raised everybody's Barclaycard rate to 16.99% -- for preferred customers mind you. Ours had been 11% or less for years. Inbreda, if you find an option send up a flare.

Won't it just be a hoot if fat-cat London bankers are the first to go belly-up and be out in the street?

Thursday, October 12, 2006 11:18PM Report Comment

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