National Counties Olympic bonus pays off
The 4.54% 7-year fixed-rate deal was launched in 2005, shortly after London won the bid to stage the 2012 Olympic Games.
Under the terms of the loan, if Team GB won 16 gold medals a bonus of 0.45% would be paid, rising to a 0.75% if they won more than 20 golds. In the end team GB managed to land a whopping 29 golds and finished overall third in the medal table.
On a £200,000 mortgage this would equate to a £1,500 pay out.
When National Counties launched the deal through broker Chase de Vere 16 gold medals will have seemed optimistic and some pundits at the time doubted it would ever be paid.
At the time the highest number of golds won by a British team in modern times was 11 gold – won at the Sydney Olympics in 2000.
It’s likely few people ever took out the deal, mainly due to its 7-year fixed term.