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Coutts private bank is offering a range of competitively priced rates to wealthier clients looking for £1 million plus mortgages.

The bank provides interest-only and capital-repayment mortgages to clients if they are purchasing or remortgaging, both residential and investment properties.

More of the high street mortgage lenders have set up large loan departments to compete with the private banks. They are providing more mortgages between £500,000 and £3 million.

Aaron Strutt, product manager at Trinity Financial, says: “If you can qualify for a mortgage with one of the high street mortgage lenders, you may be able to secure a cheaper mortgage. It really depends on the size of your deposit, how you are paid and how much you earn.

“If your income is complex you may have to go through a private bank. But, if your income is relatively straightforward, you may qualify with a more standard lender. At the moment, Woolwich for Intermediaries is offering a fantastically low tracker rate.

Mortgage rates

Coutts’ most competitively priced residential mortgage is fixed at 2.35% until 5 January 2018. It is available to borrowers with a 20% deposit and it has a 0.5% arrangement fee.

The overall cost for comparison is 3.3% APR and after the fixed rate the mortgage reverts to the banks current variable rate of 3.25%. The minimum term is two years, and the maximum is 25 years or to age 65.

There is a five-year fix and it is 0.84% more expensive than the two-year rate.

Impressive criteria

Coutts does not have a loan-to-value banding system, so all standard clients can access the same rates providing they have a 20% deposit. This is very different from the high-street lenders.

It is also rather impressive that they do not ask for assets to be transferred before they provide a mortgage. Unlike many of the other private banks.

Mortgage repayments

The repayments on a £1 million mortgage through Coutts, could be as low as £4,411 on full capital repayment or £1,958 on interest-only.

The monthly repayments on Woolwich for Intermediaries three-year racker rate would be lower at £4,070 on full capital repayment, or £1,375 on interest-only. 

To qualify for interest-only mortgages, clients would need to demonstrate how the mortgage is going to be repaid. They will typically need investments, ISA’s or a pension plan.  

To secure a private bank or specialist high-street mortgage, call Trinity Financial on 020 7016 0790.

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