High-end mortgage industry sees growth
November 1, 2007 by admin
Filed under News, News-Mortgages
Despite only representing a small amount of mortgage business, demand for high-end products is growing, an industry expert has said.
According to Andrew Arnott, a spokesperson for Investec, larger-scale mortgage growth is hailing particularly from “areas of multi-currency mortgages”.
“Certainly more banks offer larger-size mortgages than in the past,” he said.
“A lot of the products on the market aren’t available if the loan size is over, say, half a million or a million pounds.
“It is more specialist players that deal with those sorts of mortgages, so it’s more difficult for borrowers to find products right for them.”
Recent research by Halifax Estate Agents revealed that the number of house sales for £1 million has tripled in the last five years, with 6,107 homes selling for over a million from June 2006 to June 2007.
Halifax has estimated that there are currently 88,000 houses in Britain worth in excess of £1 million.
