Likewise, the value of these mortgage loans has increased by 43%, compared to a nationwide increase of 29% over the same period.
Investec believes that increased demand for its high-end mortgages, of £1m or more, is due in part to its personalised service and because individuals and entrepreneurs are struggling to get loans approved due to inflexible lending criteria used by other banks.
Wayne Preston, Investec Specialist Private Bank says: “This year we’ve seen an increase in the number of people coming to us for residential mortgages because of our highly personalised and more flexible approach. We concentrate on the intricacies of a client’s finances in order to better understand their ‘true’ wealth as opposed to taking the rigid stance adopted by many other lenders who remain focused on the property asset rather than the individual.
“Our approach is particularly relevant for high income professionals and established entrepreneurs with lumpy income streams and other assets which can be used as security for the mortgage loan.”