Specialist bank and asset manager Investec has launched Investec Professional Mortgages, a new intermediary-only residential and buy-to-let brand tailored to professional borrowers.
The lender offers individually underwritten residential loans for qualified or business professionals earning from £50,000 to £75,000, or £75,000 for buy-to-let applicants.
On the buy-to-let side, to attract larger landlords, the lender will lend up to £5m or six properties to a single landlord, whichever is lowest.
Qualifying resi or investor borrowers could include accountants, architects, dentists and lawyers, or senior businessmen like executives, managers or business heads with a strategic say over their firm's direction.
The new brand, part of Investec Specialist Bank, will offer its new non-standard ranges in England and Wales via selected distribution partners from launch, with plans to add new partners over time.
The launch Appointed Representative (AR) partners include: Openwork, Intrinsic, Mortgage Intelligence, Legal & General, Pink, Connells and Paradigm.
The Directly Authorised advisers include: John Charcol, The Buy to Let Business and Mortgages for Business and Legal & General's Club Nouveau members, including London & Country, Alexander Hall, Savills, First Action finance, Stonebridge and First Mortgage Decisions.
Alex Hammond, Investec Specialist Bank spokesman said: "Increasingly, those who would normally be regarded as well paid are struggling to secure the loans necessary to purchase property because of the uncommon nature of their income.
"We have created this new range of mortgages to meet the specific requirements of professionals, who are often individuals with limited time to arrange a mortgage. We look for good reasons to lend to the right customers and ensure that professionals receive the level of service they expect.
"This market sector isn't driven by rates alone and individuals demand better service than they are currently getting. We think this is an area where we can make a difference."
The new lender, which also owns Kensington Mortgages, will consider affordability based on contractor day-rates, expat applications and foreign nationals with a TR1 visa.
Procuration fees will be offered at 0.35% of the residential loan and 0.45% for buy-to-let.
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