Investec Private Bank has entered the high-income mortgage market with a completely new way of assessing mortgage loans for affluent clients.
Click here to let us know your thoughts on the new site. Investec is offering a highly personalised mortgage based on a client’s income and wealth rather than the value of the mortgaged property.
Clients with annual earnings in excess of £150,000 can gain finance to buy property worth £500,000 up to tens of millions.
Wayne Preston, from Investec, says: “High street and specialist lenders cover virtually every angle of the mortgage market, but their emphasis is increasingly less on the individual and more about a multitude of product parameters relating to the mortgaged property. We aim to redress this balance.”
Investec mortgages can be secured against a variety of assets, including property, investment holdings and offshore deposits, and are available in numerous currencies.
Investec has launched the new mortgage range due to increasing demand among mass-affluent and high net worth individuals.
Research commissioned by Investec shows that there are over 104,000 people in the UK with an annual income of at least £200,000 and this is set to rise further. Furthermore, Land Registry data shows that sales of home worth in excess of £1m increased by 48% to year end February 2007.
Investec thinks that the true number could be much higher and Preston says: “The increase may be greater as, in our experience, many high value properties are purchased by acquiring the special purpose vehicles (SPVs) that own them and these transactions are not reflected in the registry”.
Source
http://www.ifaonline.co.uk/public/showPage.html?
page=458208
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