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Investec gains as lenders quit HNW sector

Investec Private Bank has increased its mortgage lending by 45 per cent in the last year despite the credit crunch.

The high-net-worth lender says it is seeing an upturn in business as many high-street lenders retreat from the market. Business through introducers, including brokers, IFAs, accountants and solicitors, accounts for around half of its private-client lending business.

Head of mortgage lending Wayne Preston says: “For us, the current market conditions are something of a blessing in disguise.” He says since the credit crisis hit last year, there has been a significant reduction in high-street lenders in the £1m-plus mortgage market.

Preston says: “High-income and high-net-worth clients were able to go to the high-street lenders for their mortgage requirements but now it is a lot more difficult and these clients are turning to private banks for their lending needs.”

Mortgage broker OFM Group chairman Rob Jupp says: “I am not surprised that Investec has seen such growth as high-net-worth mortgages are one of the genuine growth areas at the moment.”


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Graeme Robb, Senior Technical Manager at Prudential, explores the current state of the nation for offshore issues and highlights areas which may be particularly relevant to advisers. In the context of insurance companies, ‘offshore’ can be a relatively straightforward matter. Like their onshore equivalent, offshore bonds are ‘non-qualifying’ for tax purposes, meaning that all gains […]


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