Investec Private Bank has launched a personalised mortgage service for high net worth individuals, b...
Investec Private Bank has launched a personalised mortgage service for high net worth individuals, based on the income and wealth of the client rather than value of the property.
Aimed at the top end of the market, the mortgages are available exclusively to individuals with sustainable earnings in excess of £150,000 a year who are looking to borrow a minimum of £500,000.
Mortgages can be secured against a variety of assets including property, investment holdings and offshore deposits, and are available in a number of currencies, or with switchable currency facilities. The offering is not limited to UK nationals and includes the purchase and refinance of UK and overseas homes, buy-to-lets and property portfolios.
Meanwhile, Assetz Finance has reported an increase in the number of overseas property investors who are remortgaging with lenders in Europe, following increases to UK base rate.
Katy Hepworth, overseas mortgage manager at Assetz finance, said UK-based European property investors were increasingly looking to repay all or some of their mortgages in the UK, using finance raised on their holiday homes or overseas property investments.
She added now is the time to remortgage in Europe, in order to make signficant savings. "A rise in the European base rate is expected in September, so even though rates will still remain much lower than at home, investors should act now to secure the best deals," she said.
David Roberts, senior product manager at Lloyds TSB Offshore, said it could take security on an overseas property, giving customers the opportunity to borrow in a different currency at a lower rate.
However, he said he had not noticed a trend where customers were consolidating debt by remortgaging their European properties. Its main customers tended to be high net worth and expatriate clients looking for the best currency to finance investments in their overseas property portfolios.
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