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High-earners' mortgages can exceed strict salary calculations
12 February 2008
Workers who receive bonuses which increase their earnings well beyond their annual salary can benefit from a special set of mortgages.
Despite the credit crunch, Investec Private Bank has launched a range of mortgages which exceed what customers could get based simply on their salary.
Although this may sound dangerous, Wayne Preston, spokesperson for the bank said that it "felt comfortable" lending to the high earners and that the bank was actually "quite conservative in the amount we will lend."
The bank estimated that approximately 3,500 people in the city received bonuses of over £1 million and that there are over 104,000 people earning at least £200,000
Mr Preston said: "These are clients who will have a track record, and will be able to demonstrate affordability. Even though bonuses might be down this year compared to previous years, our clients have a track record which spans many years… So we felt comfortable."
