Demand for £1m-plus mortgages has soared on the back of the bumper City bonuses paid out this year, according to a report in today's Financial Times, says the Guardian .
Applications for seven-figure loans have rocketed by 50% over the past year at mortgage broker Savills Private Finance, while another broker, London & Country, said applications have doubled. The unprecedented demand for large loans reflects not only the record-breaking bonuses handed out in the City this year, but also growing interest in the London property market from wealthy overseas buyers, says the paper. As much as £8.8bn will be paid out to City workers this bonus season and Savills estimates as much as £5.5bn of it could find its way back into the property market. Repayments ...
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