Investec Private Banking has announced this week that it will be consolidating both its Professional and Million Pound Plus mortgages into its new Investec Private Banking Mortgage product, which is set to be launched alongside a range of new 3 and 5 year fixed rate options.
Borrowers opting for the Private Banking Mortgage will need a minimum income of £30,000, which can include salary, bonus, vested stock and carried interest as well. Loan sizes are available from £250,000 up to £10 million, with a maximum of £5 million for fixed rate offers, all to a maximum of 85% loan to value (LTV).
The new fixed rates now on offer include 3 year fixed rates starting from 2.59% up to 60% LTV, 2.89% to 75% LTV and 3.29% to 85% LTV. 5 year fixed rates are also available at 2.99% to 60% LTV, 3.29% to 75% LTV and 3.59% to 85% LTV.
Looking to simplify and strengthen the lender’s mortgage proposition for high net worth borrowers, Investec Private Banking has focused its target market on borrowers with the above mentioned minimum income and a net worth of approximately £3 million. Additionally, applicants are not required to have assets under management with the lender.
High net worth mortgage lending has become a hot topic as an increasing amount of people now have more complex financial circumstances. Following this, our very own Hugh Wade-Jones has been featured in Spear’s, on the new breed of lenders bridging the gap on the market.
Also looking to invest its efforts further into the high net worth sector is Al Rayan Bank, which has appointed a new Head of Premier/Private Banking as part of its drive to expand their offering in both the UK and abroad within this sector.
Now including exclusive private and premier banking services, including both real estate finance and day-to-day banking facilities, Al Rayan Bank is moving in leaps and bounds towards a more established position in the high net worth sector. Watch this space for further developments and mortgage rates, which are likely to follow in the near future.