Investec launches professional mortgage range
The products include fixed rates from 3.19%, residential and buy-to-let mortgages that allow professionals to borrow up to 80% of the purchase price or valuation of the property as well as first-time buyer professional mortgages allowing loans of up to 85% of the value.
The minimum income requirement is £50,000 for qualified professionals and £75,000 for business professional and borrowers will be able to make overpayments when capable.
The new range of mortgages are primarily for directors and partners of professional practices as well as senior executives, managers or business heads with significant influence over the strategic direction of their firm.
They are part of a wider range of specialist mortgages offered by Investec including £Million Plus+ Mortgages for individuals looking to borrow more than £1 million.
Alex Hammond of Investec Specialist Bank said: “This new range of mortgages is for qualified professionals and business professionals who require the certainty of a lender that is able to consider their individual circumstances and all aspects of their income when making a lending decision.
“Increasingly those who would normally be regarded as well paid are struggling to secure the loans necessary to purchase property because of the uncommon nature of their income.
“We have created this new range of mortgages to meet the specific requirements of professionals, who are often individuals with limited time to arrange a mortgage.”
Ben Thompson, managing director of Legal & General Mortgage Club, said: “Investec Professional Mortgages brings a more tailored and considered approach to lending, and the launch brings some very welcome new competition to this market, giving more choice for a certain type of borrower.
“Lots of customers will be able to buy, move, invest and save money because of Investec’s launch and that is very welcome progress indeed.”
Investec Professional Mortgages will be available through mortgage intermediaries as part of a controlled launch through selected distribution partners.