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Investec lifts proc fee cap on revamped mortgage range

  • 29/03/2016
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Investec lifts proc fee cap on revamped mortgage range
Investec Private Banking has consolidated its professional and million plus mortgages to create one range which no longer caps the procuration fee payable to brokers.

The range, Investec Private Banking Mortgage, offers a lifetime tracker and three and five-year fixed rates up to 85% loan to value (LTV) and pays brokers a 0.5% proc. fee.

The lifetime tracker follows Investec’s bank base rate which is currently set at 0.5%. For applications of up to 60% LTV the rate is set 2% above base; 2.5% above base for applications up to 75% LTV and an additional 3% for applications up to 85% LTV.

The fixed-rate mortgages are offered on the same three tier basis with rates starting at 2.59% for a three-year fix and 2.99% for a five year fix.

Applicants’ income can be made up of a salary, bonus, vested stock and carried interest.

Peter Izard (pictured), business development manager at Investec Private Banking, said its target market was borrowers with a minimum income of £300,000 who had a net worth of approximately £3m.

“By simplifying and strengthening our mortgage proposition, we have clearly positioned Investec as the go-to lender for high-net worth borrowers,” he added.

Loan sizes range from £250,000 to £10m but are capped at £5m for fixed-rate applicants. Investec does not require applicants to have assets under management with the bank.

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