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Borrowers in running for 2012 Olympic cash bonus

British success in the 2012 London Olympics could bring a cash bonus for mortgage borrowers.

Chase de Vere Mortgage Management’s Olympic Bonus mortgage will pay cash of 0.45 per cent of the initial loan amount if the British team win more than 16 gold medals.

If the team win more than 20 gold medals, the bonus increases to 0.75 per cent of the loan amount.

The mortgage is fixed at 4.54 per cent for seven years and allows borrowers to overpay up to 10 per cent of the loan amount each year without penalty.

But borrowers could have less than a sporting chance of getting the cash bonus as Britain has won more than 16 gold medals only twice in the history of the Olympic Games – 17 at Paris in 1900 and 56 at London in 1908.

Britain won 11 gold medals at the Sydney Olympics in 2000 and nine at Athens in 2004. But bookmakers are offering odds of 1-4 on Britain winning 12 gold medals or more in 2012.

The mortgage, which is funded by National Counties Building Society, is available for up to 80 per cent LTV up to 250,000, 75 per cent LTV up to 500,000 and 65 per cent LTV up to 750,000.

It replicates the theme adopted by Chase de Vere for its 2002 World Cup mortgage, funded by Mortgage Express, which offered a 1 per cent discount off the headline rate if England came home with the trophy.

Managing director Simon Tyler says: “This product is a winner even without the gold medal bonus. The market-leading fixed rate is fully portable so you do not need to redeem if you move house. It gives peace of mind and flexibility for the next seven years.”

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