Investec Private Bank is making a concerted push into the high-net-worth mortgage market but says it is not aiming to be a big-volume player.
It will aim at the top end of the sector, with mortgages for people earning over £150,000 a year who are looking to borrow a minimum of £500,000.
Spokesman Wayne Preston says that although the bank has offered mortgages to clients before, it will now be doing so on a more proactive basis.
The mortgages will be offered through intermediaries as well as directly thr-ough the bank.
The mortgages will be designed for each client’s individual circumstances and it will not offer off-the-shelf products.
Preston says: “We have been trying to get out there and introduce ourselves to brokers. Initially, a lot of brokers found it hard to understand that we do not have a product. The brokers we will deal with will probably be the smaller niche players.”
“The bottom line is that we want to be known for being different to most other pro-viders in the market.”
Research by Investec Private Bank shows that there are over 104,000 people in the UK with an annual inc-ome of at least £200,000.
Analysis of Land Registry data also reveals that the number of individual home sales in England and Wales in excess of £1m increased by 48 per cent in the year to February.