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.