Coutts private banking mortgages
Coutts private bank is offering fixed and tracker rate mortgages to wealthier clients looking for £1 million plus mortgages.
The bank has a range of flexible interest-only and capital repayment mortgage products to support clients looking to purchase or remortgage residential and buy-to-let properties.
Competitive rates
Coutts most competitively priced residential mortgage is fixed at 2.19% until 2 October 2017. It is available to borrowers with a 20% deposit and it has a 0.5% arrangement fee. The five-year fix is 1% more expensive.
The overall cost for comparison is 3.3% APR and after the fixed rate the mortgage reverts to the banks current variable rate of 3.25%.
The minimum term is two years and the maximum is 25 years or to age 65.
Aaron Strutt, product manager at Trinity Financial, says: “Coutts has been through an extended period of change and clients no longer need to lodge funds with the bank in order to qualify for a mortgage.
“Borrowers are generally expected to raise in excess of £1 million, although this may be higher if you are not resident in the UK.”
Private banking departments
Coutts has private bankers to cater for different types of clients depending on their job, location and diplomatic status.
For example, they have executive, entrepreneur, sports and entertainment specialists, as well as bankers managing clients in countries including Australia, Hong Kong and Singapore.
Do I need a private bank?
Not all wealthy borrowers need to use a private bank in order to secure a large mortgage loan. It really depends on the way they are paid and how complicated their income structure is.
More of the high-street mortgage lenders are offering £1 million plus mortgages and their rates often start at around 1.5%.
In order to manage demand some banks and building societies are setting up specialist large loan teams with experienced and specialist underwriters. They enable them to offer complex mortgages to more high-net-worth borrowers.
Private banks often prefer clients to transfer assets for them to manage in order to provide a mortgage, although there are a handful of exceptions to this rule.
To secure a private bank or specialist high-street mortgage, call Trinity Financial on 020 7016 0790.
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