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.”
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