Investec and Coutts – Private bank mortgages looking better value for money
Private banks experienced a prolonged period of offering high mortgage rates, but their prices have decreased recently.
Investec Bank has announced the introduction of a new 40% deposit mortgage, which means the bank is offering lower rates to borrowers with large deposits.
In its latest mortgage product reprice, aimed at high-net-worth individuals earning over £300,000, Investec improved rates by up to 0.62% across its fixed-term residential and buy-to-let mortgages range. On average, there is a price gap of just over 1% between its cheapest and highest rates for borrowers with a 5% deposit.
Coutts Private Bank offers a range of fixed rates for £1 million+, and its rates have also improved recently. Its two-year fixes are just below 4.7% for borrowers with the largest deposits, while its five-year fixes are below 4.6%.
Aaron Strutt, product director at Trinity Financial, says, “Most private banks do not publish their mortgage rates, as they either price on a case-by-case basis or offer tracker rates. Using a good broker to check that borrowers are getting the most competitively priced rates is important.
"Investec and Coutts are two of the more prominent private banks, and they have a track record of lending to international clients and financial professionals with smaller deposits. They also lend against prime properties, country homes, while potentially taking cross charges against assets."
What about other private banks offering mortgages?
Barclays Private Bank is another lender with more competitively priced rates. It offers tracker mortgages up to £10m and fixed loans up to £5m.
Butterfield Private Bank often issues mortgage funding for asset-rich and cash-poor borrowers seeking mortgages between £1 million and £20 million. It offers a range of fixed and tracker rates.
Call Trinity Financial on 020 7016 0790 to secure a private bank or high net worth mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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