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The bank, which focuses on the top end of the mortgage market, reported that despite the difficult market conditions there were still plenty of opportunities out there in the "jumbo" mortgage market.

Wayne Preston, head of mortgages for Investec Private Bank, said: "We have a strong and flexible proposition that is tailored to the individual needs of our clients.

"This means that we are particularly well suited to the more complex mortgage requirements of ultra high net income clients.

"However, we are finding that as more mainstream lenders retreat from our market, we are receiving a lot more straightforward mortgage applications for more than £1m."