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Commonwealth Games 2002

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Wednesday, 27 March, 2002, 10:36 GMT
England fans offered football mortgage
Michael Owen and Stephen Gerrard
Supporters will be banking on their heroes
What price is loyalty? Would you be willing to stake your mortgage payments on the success of the England Team in this summer's World Cup?

Football fans are being offered a home loan deal which is linked to the success of the England team in the tournament which kicks off on 31 May.

Chase De Vere Mortgage Management, a mortgage broker, will charge you less for your mortgage if England reach the semi-finals and further discounts if they live up to the dream and lift the cup.

The mortgage company is reinsuring the risk by staking a 100,000 bet with Sportingbet.com, an internet bookmaker, which is offering odds of 11-1 against an England victory.

World Cup mortgage

Cynics may think that England will struggle within its tough group, and has little chance of reaching the last stages.

But the World Cup mortgage starts at 0.75 percentage points below the Bank of England base rate (currently 4%), making a starting rate of 3.25%.

Then, if England reaches the semi-finals, borrowers will receive a 0.5 point discount.

If England goes the whole way and wins the World Cup on 30 June, fans can celebrate with a further reduction in their mortgage payments or 1.75 percentage points below base rate.

Sure thing

Basically this means that if England were to win the World Cup, the mortgage rate would be only 1% for two years, assuming that the base rate remains unchanged.

There are penalties if you redeem the mortgage within the two year period.

Simon Tyler, managing director of Chase De Vere Mortgage Management said: "We will carry the initial cost of the deal.

In the event that England won the World Cup, we would use the money from Sportingbet to finance the costs. It is a win-win situation."

See also:

22 Mar 02 | Business
More endowment misery on way
21 Feb 02 | Business
Q&A: Mortgage compensation
02 Jan 02 | Business
Q&A: Should I get a euro mortgage?
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