Investec Private Banking rejigs mortgage rates

Investec Private Banking rejigs mortgage rates

Investec Private Banking has cut its mortgage rates by up to 0.6 per cent, following the Bank of England’s cut to the base rate.

Lifetime tracker rates have also been cut by up to 0.25 per cent following the first cut in interest rates since 2009.

Investec’s variable rate is also reduced to 3.74 per cent, while Investec Bank Base Rate (IBBR) is reduced to 0.25 per cent.

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Peter Izard, business development manager at Investec Private Banking, said: “We’re delighted to take this opportunity to make our mortgage offering even more competitive for borrowers seeking larger loans.

“All mortgages are individually underwritten and borrowers don’t need to have existing assets under management with Investec Private Bank.”

Investec has also added new lifetime tracker and fixed rates to the range at 70 per cent and 80 per cent LTV.

LTVThree year fixFive year fixLifetime tracker
Up to 60 per cent2.14% (0.45% cut)2.39% (0.60% cut)2.09% + IBBR
Up to 70 per cent2.39%2.59%2.24% + IBBR
Up to 75 per cent2.49% (0.40% cut)2.69% (0.60% cut)2.49% + IBBR
Up to 80 per cent2.79%2.99%2.74% + IBBR
Up to 85 per cent2.89% (0.40% cut)3.09% (0.50% cut)2.99% + IBBR

Investec Private Bank provides mortgages designed specifically for borrowers requiring between £250,000 and £10m, who have a minimum annual income of £300,000 and net assets of £3m or more.

Residential and buy-to-let loans are available for borrowers who are paid in a foreign currency, and are also available on a part repayment and part interest-only basis.