Investec Private Banking is consolidating its Professional and £Million Plus+ mortgages into the new Investec Private Banking Mortgage.

It is being launched along with a range of three and five-year fixed rate options.

The new product has the following features:

• Minimum Income of £300,000 which can include salary, bonus, vested stock and carried interest
• Borrowers do not need to have assets held under management with Investec Bank plc to apply
• Loans are available from £250,000 up to £10 million (maximum £5 million for fixed rates), to a maximum of 85% loan to value (higher on request)

Rate options are as follows:

• Lifetime tracker of Investec Bank Base Rate (IBBR, which is currently 0.5%) +2% to 60% LTV, IBBR+2.5% to 75% LTV & IBBR+3% to 85% LTV
• Three-year fixed rates of 2.59% to 60% LTV, 2.89% to 75% LTV, 3.29% to 85% LTV
• Five-year fixed rates of 2.99% to 60% LTV, 3.29% to 75% LTV, 3.59% to 85% LTV

Fixed rates are available on a part and part (fixed & tracker) basis. Overpayments of up to 10% per annum are also permitted on all fixed rates.

Early repayment charge may apply if loan is paid in full:

• Interest Only: Available for up to five years, reverting to capital & interest thereafter
• Arrangement Fee: 1%
• Broker Proc Fee: Up to 0.5% and there is no longer a fee cap on proc fees paid to brokers
• ERC: Five-year fix: 5% 4% 3% 2% 1% & 3 year fix: 3% 2% 1%

Peter Izard (pictured), business development manager at Investec Private Banking, said: “By simplifying and strengthening our mortgage proposition we have clearly positioned Investec as the ‘go to’ lender for high net worth borrowers.

“Our target market is borrowers with a minimum income of £300,000 with a net worth of approximately £3 million. Applicants do not need to have assets held under management with Investec Private Banking and all loan applications are individually assessed by a dedicated private banker.”