New prime mortgage borrower offerings from Coutts
Coutts Private Bank has recently announced a series of strategic updates to its mortgage offerings, aimed at facilitating the purchase of super prime properties in London and beyond. The bank’s latest policy revision introduces a maximum Loan to Value (LTV) ratio of 75% for select London Prime postcodes, exclusively applicable to properties exceeding £10 million (excluding new builds and properties valued over £30 million). In this blog, we will run through what these new prime mortgage borrower updates from Coutts mortgages means.
New Coutts Mortgages For Prime Borrower
The new policy moves display Coutts’ ambition to catering to the needs of super prime clientele, their main client base. Offering greater flexibility and accessibility in acquiring their dream properties, that are often valued way above the average price in the area. By increasing the maximum loan-to-value (LTV) limit from 65% to 75%, Coutts aims to help borrowers to purchase with a lower deposit, despite the value of the property that they are buying.
In addition to the revised LTV policy, Coutts has rolled out several other noteworthy changes designed to boost its mortgage portfolio and extend support to a broader spectrum of clients. These include changes such as Interest Only Downsizing, allowing the sale of main residences up to 60% LTV, and an extension of Residential capital and interest mortgages to a maximum age of 80. Both of which will help borrowers immensely, especially those who need to take mortgages into later age.
Mortgages For Second Properties From Coutts
Another standout feature of Coutts’ updated mortgage offerings is the introduction of the Mortgage Reserve Account (MRA) on second properties. This flexible facility lets clients manage their borrowing needs efficiently, with the freedom to withdraw, repay, and redraw funds within pre-agreed limits, offering convenience and cost-effectiveness.
In the final part of their recent mortgage update, Coutts sheds light on its Hobby Estate Loans, aimed specifically at people seeking financing for landed estates, farms, or country houses with extensive acreage or commercial usage. Although not applicable to the majority of the general public, these unregulated loans are tailored to the unique needs of specialised clients, with affordability assessments based on personal income or asset base. With LTV ratios typically capped at 60% and bespoke pricing structures, Coutts aims to facilitate the acquisition of diverse rural properties for lifestyle or commercial purposes.
Speak To A Mortgage Broker Today
Although not your typical high-street bank and certainly not the bank for most people looking to finance a property purchase, Coutts continues to evolve its mortgage offerings with the changing market to align with the evolving needs of its high net-worth clientele. For further information on Coutts’ mortgage products and services, you can speak to one of our mortgage brokers at Oportfolio who has complete access to Coutts’ mortgage offerings.
If you or anyone you know is looking for a private bank mortgage, or perhaps a mortgage on a particularly special property that a standard high-street bank can’t accommodate, please feel free to give our experienced team of mortgage brokers a call today. We are here to help.
