Likewise, the value of these mortgage loans has increased by 43%, compared to a nationwide increase of 29% over the same period.
Investec believes that increased demand for its high-end mortgages, of £1million or more, is due in part to its personalised service and because individuals and entrepreneurs are struggling to get loans approved due to inflexible lending criteria used by other banks.
In contrast, Investec offers highly personalised mortgages based on the income and wealth of the individual client, but set within tight affordability parameters.
Wayne Preston, Investec Specialist Private Bank said: “This year we’ve seen an increase in the number of people coming to us for residential mortgages because of our highly personalised and more flexible approach. We concentrate on the intricacies of a client’s finances in order to better understand their ‘true’ wealth as opposed to taking the rigid stance adopted by many other lenders who remain focused on the property asset rather than the individual.
“Our approach is particularly relevant for high income professionals and established entrepreneurs with lumpy income streams and other assets which can be used as security for the mortgage loan.”
Investec’s mortgage business is aimed at the top end of the market, with loans available exclusively to individuals with sustainable earnings in excess of £300,000 a year and an established balance sheet in access of £3million who are looking to borrow a minimum of £1 million. Clients are typically purchasing properties worth from £1.5 million.
Investec Specialist Private Bank’s mortgages can be secured against a variety of assets including property, investment holdings and offshore deposits, and are available in a number of currencies. The offering is not limited to UK nationals and includes the purchase and refinance of UK property residence, investment properties and, buy-to-lets and property portfolios.
