Investec Private Banking is rolling its Professional and £Million Plus+ mortgages into a new Investec Private Banking Mortgage.
The new mortgage covers loans from £250,000 up to £10m, or £5m on fixed rates, to a maximum of 85 per cent loan-to-value, though this can go higher on request.
The mortgage needs a minimum income of £300,000, which can include salary, bonus, vested stock and carried interest.
The new loan has tracker, three- and five-year fixed rate and interest-only options.
The lifetime tracker option follows Investec Bank Base Rate plus 2 per cent to 60 per cent LTV, +2.5 per cent to 75 per cent LTV and +3 per cent to 85 per cent LTV.
The three-year fixed rates are 2.59 per cent to 60 per cent LTV, 2.89 per cent to 75 per cent LTV and 3.29 per cent to 85 per cent LTV.
The five-year fixed rates are 2.99 per cent to 60 per cent LTV, 3.29 per cent to 75 per cent LTV and 3.59 per cent to 85 per cent LTV.
Overpayments of up to 10 per cent a year are allowed on all fixed rates.
The interest-only option is available for up to five years and then moves to capital and interest afterwards.
All options have a 1 per cent arrangement fee.
Brokers will get a procuration fee of up to 0.5 per cent, and Investec is scrapping their proc fee cap.
Early repayment charges may apply if the loan is paid in full.
For the five-year fixed option, charges start at 5 per cent and go down in 1 per cent intervals every year.
For the three-year fixed option, charges start at 3 per cent and go down in 1 per cent intervals every year.
Investec Private Banking business development manager Peter Izard says: “Our target market is borrowers with a minimum income of £300,000 with a net worth of approximately £3m.
“Applicants do not need to have assets held under management with Investec Private Banking and all loan applications are individually assessed by a dedicated private banker.”