Investec has today launched a new specialist mortgage lender which is aimed at lending to professionals.
Investec Professional Mortgages is providing a range of mortgages aimed primarily at company directors and partners of professional practices as well as senior executives, managers or business heads.
It only lends through intermediaries, who receive a 0.35 per cent procuration fee on completed residential cases and 0.45 per cent on buy-to-let cases.
It will distribute the range through Openwork, Intrinsic, Mortgage Intelligence, Legal & General, Pink, Connells and Paradigm. The directly authorised brokers who have access to the range include John Charcol, the The Buy To Let Business, Mortgages for Business and Paradigm Mortgage Club
Additionally, Legal & General’s Club Nouveau members have access to the products range, which include London & Country, First Action Finance, Alexander Hall, Stonebridge and First Mortgage Decisions. Mortgage Advice Bureau also has access to the range.
The lender plans to branch out to other distributors and brokerages in the coming weeks.
The range contains fixed rate residential and buy-to-let mortgages, starting at 3.19 per cent, allowing professionals to borrow up to 80 per cent loan-to-value and a range of first-time buyers products up to 85 per cent LTV.
The minimum income requirement is £50,000 for qualified professionals and £75,000 for business professionals. The minimum loan is £100,000 and the maximum loan is £1m for residential products, while the minimum loan for buy-to-let products is £35,000.
Investec also owns Kensington Mortgages, which is unaffected by the launch.
Investec Specialist Bank communications manager Alex Hammond says: “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.”
Legal & General Mortgage Club managing director Ben Thompson says: “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.”