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. Change: Chancellor George Osborne is said to have cut his interest on the loan on the £4million house in Notting Hill, west London - which he rents out for £10,000 a month while living in Downing Street . RBC is a privately-owned firm specialising in super rich wealth management, reported The People. The 42-year-old is thought to be remortgaging to get a cheaper deal - and qualifies for RBC because he has excellent equity in his London home, and is wealthy enough to join a bank for the mega-rich. 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’. The Bank of England’s base rate has . been at 0.5 per cent since March 2009, but the economic revival had been . fuelling speculation it could be raised for the first time in nearly . seven years. Guidance: Bank of England Governor Mark Carney said last week that he would not raise interest rates for some time, even as Britain's economy records the strongest growth in the developed world . However, Bank of England Governor Mark . Carney said last week that he would not raise interest rates for some . time, even as Britain’s economy records the strongest growth in the . developed world. 'You or me are not going to be going there - they are not in our market' Ray Boulger, mortgage firm Jon Charcol . Mr Osborne switched the mortgage last month on the property - which has six bedrooms, four reception rooms and three bathrooms. He is married to novelist Frances, 44, and they have two children - Luke, 12, and Liberty, 10. His spokesman told The People: ‘George’s property is declared in the correct manner and unlike previous Labour Chancellors he does not claim any taxpayers’ money for it.’
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. Change: Chancellor George Osborne is said to have cut his interest on the loan on the £4million house in Notting Hill, west London - which he rents out for £10,000 a month while living in Downing Street . RBC is a privately-owned firm specialising in super rich wealth management, reported The People. The 42-year-old is thought to be remortgaging to get a cheaper deal - and qualifies for RBC because he has excellent equity in his London home, and is wealthy enough to join a bank for the mega-rich. 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’. The Bank of England’s base rate has . been at 0.5 per cent since March 2009, but the economic revival had been . fuelling speculation it could be raised for the first time in nearly . seven years. Guidance: Bank of England Governor Mark Carney said last week that he would not raise interest rates for some time, even as Britain's economy records the strongest growth in the developed world . However, Bank of England Governor Mark . Carney said last week that he would not raise interest rates for some . time, even as Britain’s economy records the strongest growth in the . developed world. 'You or me are not going to be going there - they are not in our market' Ray Boulger, mortgage firm Jon Charcol . Mr Osborne switched the mortgage last month on the property - which has six bedrooms, four reception rooms and three bathrooms. He is married to novelist Frances, 44, and they have two children - Luke, 12, and Liberty, 10. His spokesman told The People: ‘George’s property is declared in the correct manner and unlike previous Labour Chancellors he does not claim any taxpayers’ money for it.’
in Notting Hill, west London - which he rents out for £10,000 a month while living in Downing he bought it in 2006 - from Barclays and C. Hoare & Co to RBC Europe, part of the Royal Bank of to have cut his interest on the loan on the which he rents out for £10,000 a month while