Coutts tightens mortgage criteria to exclude non-millionaires

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Coutts, the private banking arm of RBS, has changed its lending criteria for mortgage clients who will need to have £1m of investable assets before it considers applications.

Previously, Coutts clients had to hold £500,000+ in investable assets before taking out a mortgage loan with the lender. Coutts said the criteria change is a "rough guideline" and it is "not set in stone." "If we felt that a client's case looked appropriate without the £1m in place then we would consider doing business with them," said a spokesman. Coutts added the new guidelines only "slightly alter" the previous criteria. The lender said all mortgage clients will have to be Coutts account holders just as before and the loan application process will remain the same. Ian Gray...

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