High income mortgage basket to become “more sophisticated”

The mortgage market for those on high incomes will become “more sophisticated” to match the increasingly varying ways that people earn money, a bank said today.

Private bank and mortgage lender Investec said that high-earning clients were increasingly seeking out more flexible and adjustable mortgages.

Indeed, so great has demand been that they have launched more personalised services such as multi-currency mortgages, limited to those who earn more than £150,000 per year and looking to borrow at least £500,000.

Spokesperson Wayne Preston commented: “Multi-currency mortgages aren’t for everybody…They need to understand markets. They need to understand interest rates… It’s really a more sophisticated type of individual or investor who understands that type of market.

“What clients are looking for is some alternatives in the market today”, he surmised.

Investec also revealed research which suggests that more than 100,000 Britons bring home over £200,000 each year.

Analysing Land Registry data, the bank also says that the number of £1 million homes increased by 48 per cent last year.

Tags: Britons bring home, research, sophisticated type, land registry, income, money, Spokesperson Wayne Preston, Land