Investec Bank announced a series of cuts to its high net worth mortgage tracking rates, with a drop of up to 58bps for selected products.
Key changes include tracker mortgages: 85% and 90% of LVT reduced by 30bps in two years; 85% and 90% of LTV reduced by 58bps in five years.
To purchase a mortgage, Investec’s five-year variable 70% LTV cuts by 42bps.
Due to these changes, new fees apply. Residential mortgage arrangement fees have been reduced from 1.00% to 0.50%.
Self-establishment costs have been reduced from 1.50% to 1.00%. Now, the maximum cost of arrangements for owner occupation is now capped at £50,000 and the self-built £75,000.
Peter Izard commented on the product changes, and Peter Izard said: “These changes demonstrate our commitment to listening to the promises of our brokers and constantly seeking ways to enhance our products.”
The Melton Architecture Association also changed its range of residential mortgage products.
The lender’s products have a maximum of 0.29% in its residential fixed interest rate range, with the extension to July 2027 and June 2030, respectively, for two-year and five-year products.
Changes include 80% LTV, two years, residential, fixed, 4.49% (0.10% reduction) no filing fees and unfinished fees, but include £500 cash back
In addition, for 90% LTV, five years, RESI, fixed, 4.74% (0.15% reduction), application fee, but no completion fee, which also includes a cashback of £500.
