Investec Private Bank has removed the standard variable rate (SVR) on its two-, three-, four-, five- and 10-year fixed rate product range for all new clients.
Clients taking fixed rates will automatically be switched on to the applicable Investec Bank base rate (IBBR) tracker — with rates determined by specific LTV criteria — comprising an agreed margin over IBBR for the life of the loan.
This will provide clients with an upfront reversion rate as well as time to speak to their banker about the best options when their fixed rate period ends.
“Offering a transparent service is key for us as a private bank and we believe the use of our standard tracker rates provides clients with that transparency, as well as certainty in an otherwise uncertain market,” said Peter Izard, business development manager at Investec Private Bank (pictured above).
“Our high-net-worth clients often have more complex lending needs than typical borrowers and may require a mortgage specifically designed for their unique requirements.
“Moving from a fixed rate to an SVR can have a considerable financial impact, particularly if a client has been enjoying the benefits of a competitive fixed rate as a result of a low LTV product.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Revolut names new non-executive chairman of the board
Revolut has named Martin Gilbert (pictured above) as its non-executive chairman of the board...
Secure Trust Bank Commercial Finance exceeds £4bn in lending
Secure Trust Bank Commercial Finance has now surpassed £4bn in total lending since launching in 2014...
Charity Bank provides 1,000th loan
Charity Bank has reached a lending milestone by issuing its 1,000th loan...
Wesleyan Bank launches cash flow product for renewable sector
Wesleyan Bank has launched a bespoke cash flow product for the renewable heat sector...
Al Rayan Bank extends BTL range
Al Rayan Bank has extended its BTL range and is now offering landlords 80% finance-to-value (FTV) for its BTL purchase plan (BTLPP) products...
The ongoing digital revolution is re-writing the communications manual
The evolution of new communications technologies is redefining the customer experience in the specialist banking market, with customers having higher expectations in regard to how, when and where they want to be communicated with...
Aldermore introduces new broker portal
Aldermore has launched Asset Backer, a new online broker portal...
Cambridge & Counties launches holiday let mortgage
Cambridge & Counties Bank has launched a new holiday let mortgage product...
This is the world of new rules and ideation for SME banking
The banking ecosystem is changing and there is possibly no better time than now for digital transformation, with technologies being readily accessible, more powerful and more economical than ever before...
Gatehouse Bank announces promotion within residential property finance team
Gatehouse Bank has promoted Thomas Humphreys (pictured above) to the position of telephony business development manager within its residential property finance team...
Nottingham Building Society joins Air Mortgage Club retirement lending panel
Air Mortgage Club has added Nottingham Building Society to its retirement lending panel...