Mortgage News
Investec temporarily suspends professional mortgage range
In a bid to consolidate its mortgage offering, private bank Investec has suspended its professional mortgage range.
The off-the-shelf professional mortgage range, lent from Kensington bank’s infrastructure, will be migrated across to the private bank to join its bespoke million pound plus lending range.
Kensington is currently up for sale with Goldman Sachs and Virgin Money among its raft of rumoured suitors.
The length of suspension is unclear but the professional range will return as soon as possible, said the bank, where it’s business as usual for the bespoke million pound plus range.
Investec’s mortgage spokesman Jack Jones told Mortgage Solutions: “These are essentially structured loans, individually tailored for customers lent from an extremely maleable banking structure. The move will allow more product-orientated lending to answer our scale requirements.”
The vast majority of Investec’s clientele can be exempt from the Mortgage Market Review rules as high net worth clients, but Jones said the vast majority of broker introductions provide advice.
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Kensington launched the Professional residential and buy-to-let lending range in February 2013 targeting professions including doctors, dentists and accountants earning over a minimum.