Investec Launches £Million Plus Mortgages For HNW Professionals

Online, January 26, 2011 (Newswire.com) - Investec Specialist Private Bank ('Investec') has this week launched a new £Million Plus mortgage offering targeted at high net worth professionals who accrue irregular income such as lump sum bonuses. This new custom-made mortgage offering takes overall income and wealth into account rather than just the value of an individual's property and their regular monthly income.

Investec's £Million Plus mortgage is aimed at the top end of the market, with loans available exclusively to individuals with sustainable overall earnings in excess of £300,000 a year and an established personal net worth in excess of £3 million who are looking to borrow a minimum of £1 million1. These individuals are typically purchasing properties worth in excess of £1.5 million.

Jack Jones of Investec Specialist Private Bank said, "We expect our product to be particularly popular among City professionals, many of whom are set to receive sizeable bonuses over the coming months as part of their overall remuneration packages. However, a number of these individuals struggle to get mortgages and other personal loans approved as many banks are geared towards far less flexible lending criteria and are not easily able to create bespoke offerings for individual clients."

Research conducted in October 2010 by Investec among over 100 City professionals reveals three quarters (74%) of those who are expecting a bonus believe that it will be bigger than last year while 11% believe that it will be the same size. Just under one in ten (8%) are anticipating a smaller bonus than in 2009/20102.

Signs that confidence is returning to the City are supported by the latest research from the Centre for Economics and Business Research (CEBR)3, which estimates that overall, pre-tax bonuses will be around £7 billion, marginally down on pre-credit crisis levels. It reveals that the Treasury's share of bonus income will exceed that of employees for the first time as a result of the new 50% tax rate on incomes over £150,000.

Jack Jones continues, "Whilst it appears that bonus levels may be returning to pre-credit crunch levels for many City professionals they may still find it difficult to secure a mortgage elsewhere. We have launched this £Million Plus mortgage to cater for clients with irregular income flows which may take the form of bonuses and who find it difficult to obtain larger mortgages, despite having significant personal wealth.

"Our new £Million Plus mortgages can be secured against a variety of assets including property, deferred shares, investment holdings and offshore deposits, and are available in a number of currencies."

For further information on Investec Specialist Private Bank mortgages, call Jack Jones on 0207 597 4781 or go to www.investecmortgages.co.uk.

For further information please contact:
Investec Private Bank
Jack Jones
Sarah Bradbury - 020 7597 4789

Citigate Dewe Rogerson
Alistair Kellie - 020 7282 2850
Georgiana Varey - 020 7282 2806
Katie Pugh - 020 7282 2914

Notes to editors:
1. If a couple, the primary applicant must be earning £300,000 per annum or more
2. Interviews conducted face to face with 100 city workers and online with 20 bankers by CDR Research between 14th and 21st October 2010
3. CEBR report issued on 5 October 2010

Specialised Banking is a division of Investec Specialist Private Bank. Our Specialised Banking team provides high value custom-built mortgages exclusively to individuals with sustainable earnings in excess of £300,000 a year. Mortgages in excess of £1million can be secured on prime properties in the UK and Europe. Finance is available for purchases, refinance, or raising capital for other investments. Available in a range of currencies, loans can also be secured against a number of assets including property, investment portfolios and offshore deposits. The division's offering is characterised by personal service and innovative facilities tailored to each client's distinctive requirements.

Investec Specialist Private Bank has developed a real affinity with the entrepreneurial class and our experience places us right at the heart of this unique business community. We have created an environment that helps make things happen: propelled by a successful track record and market-leading expertise.
Our areas of specialisation include Structured Property Finance, Banking Services, Specialised Lending, Wealth Management, Trust and Fiduciary services, and Growth & Acquisition Finance.
Investec Specialist Private Bank is a division of Investec Bank plc (Reg. No. 489604) of 2 Gresham Street, London, EC2V 7QP. Authorised and regulated by the Financial Services Authority. A member of the London Stock Exchange.
This news is issued on behalf of Investec Bank plc. Registered address: 2 Gresham Street, London, EC2V 7QP (Reg No. 489604)