Coutts expands £1 million+ mortgage offering to broker market
Coutts Private Bank is probably the most well-known specialist in the million-pound-plus mortgage market. It offers bespoke solutions to clients who want a personalised approach when they purchase or remortgage a property.
The bank is aligning its service standards with NatWest and will "bring together expertise from across the bank showing a deep understanding of clients' borrowing needs".
Trinity Financial's brokers have been using Coutt's team of bankers and business development managers for years. They typically agree to mortgages in principle before an application is submitted.
Coutts' mortgage acceptance criteria
Coutts will open a current account for clients as part of the mortgage application process. The mortgage repayments also have to come from the new Coutts current account.
The minimum term is two years, and the maximum is 35 years or to age 80. Coutts can lend without Assets Under Management, unlike some other private banks.
The minimum loan for new Coutts mortgage clients is £1 million, and the maximum loan-to-value is 85 per cent of a property's value or up to 75 per cent loan-to-value for buy-to-let.
The mortgage reserve amount is up to 75 per cent of the property value, and there are green mortgages to support buyers with energy-efficient homes.
Coutts allows overpayments of 10 per cent of the outstanding mortgage balance per year and offers two, five and ten-year fixes, mostly under 5%.
The bank also provides Bank of England tracker rate mortgages, investment property mortgages and offset select mortgages. The Coutts offset mortgages are available on both residential and buy-to-let applications. GBP, US Dollar and Euro cash can be used to offset the mortgage.
Coutts aims to create a better mortgage application process
Aaron Strutt, product director at Trinity Financial, says: "Coutts aims to help wealthier clients buy main residence prime properties, second houses or investment property. The bank prides itself on offering bespoke mortgages which provide flexible solutions to clients. Many high street lenders offer larger mortgage loans and compete with private banks.
"The NatWest Group provides £1 million+ mortgages through NatWest for Intermedares, Coutts and Royal Bank of Scotland."
Coutts mortgage loan-to-value and maximum mortgage loan sizes
| PROPERTY VALUE | COUTTS INTEREST-ONLY MORTGAGE | COUTTS CAPITAL REPAYMENT MORTGAGE |
| <£830,000.00 | 75% ltv | 90% ltv |
| £830,000.01 to £2,999,999.99 | 75% ltv | 85% ltv |
| £3 million to £4,999,999.99 | 75% ltv | 75% ltv |
| £5 million to £9,999,999.99 | 75% ltv | 75% ltv |
| £10 million+ (*IN SELECTED POSTCODES) | 65%* ltv | 65%* ltv |
Source: Coutts
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The information contained within was correct at the time of publication but is subject to change.
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