Coutts removes requirement to take current account with its mortgages
Coutts no longer requires a full banking relationship with borrowers for them to proceed with their mortgage applications.
Coutts' clients will still have the option to have a full banking relationship, however, if they choose not to, then they will revert to the private bank's Mortgage Servicing Account for collection of mortgage-related fees and over-payments. Funding the monthly mortgage payment via the mortgage servicing account is no longer required.
There is also no longer a requirement for potential clients to discuss the Coutts banking offering, although they will discuss options with the client once the mortgage application is submitted.
Aaron Strutt, product director at Trinity Financial, says: "Private banks tend to be pretty keen for wealthier clients to open banking facilities so they can discuss taking assets under management and an ongoing investment relationship.
"Coutts Offset Mortgage and Mortgage Reserve Account will require the client to open a Current Account to fully benefit from the features of these products."
How much are Coutts' mortgage rates?
Like many banks and building socistets, Coutts has significantly pushed up the price of its mortgages in recent months.
Coutts offers a range of two and five-year fixes and Bank of England tracker rates, plus ten-year fixes and offset mortgages. The bank provides mortgages to wealthier clients looking for either £1 million+ or £3 million+ mortgages, although this does depend on the applicant's nationality and residence.
The most competitively priced mortgages are available to those with 40% deposits, the most expensive rates are for applicants seeking 10% deposit mortgages.
As the Bank of England base rate increases, so do mortgage rates. Coutts' two-year fixes are priced at around 7% and its five-year fixes are priced at about 6.5%. Some ten-year fixes start with a five while the trackers are about 2% over the Bank of England base rate.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
