Investec targets bonus earners with mortgages

first_imgSunday 5 December 2010 11:13 pm Investec targets bonus earners with mortgages KCS-content HIGH earning City workers can take advantage of falling house prices, after a custom made “million plus” mortgage service was launched today.Professionals will be able to borrow against their bonuses, as well as regular income, said Investec Specialist Private Bank, which is launching the scheme.The mortgages will only be offered to people borrowing in excess of £1m.The Centre for Economics and Business Research (CEBR) estimated earlier this year that bonuses would be around £7bn. But recently it has become likely that this figure will come in lower as many banks increase salaries rather than bonuses.Three quarters of City workers expect their bonuses to be higher than last year, Investec said.House prices have tumbled this year, falling for the fifth consecutive month in November, according to property website Hometrack. Meanwhile the Bank of England reported an eight-month low in mortgage approvals in October.Tight credit conditions are dragging the market down despite positive economic growth, say analysts.Wealthy cash buyers, who can avoid credit difficulties, have kept prices afloat in London.And they can now be joined by high earning counterparts borrowing against their assets, said Jack Jones of Investec. Show Comments ▼ Share Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proof whatsapp whatsapp Tags: NULLlast_img