17 March 2017
Million-pound properties used to be a preserve of an elite few. Yet with the average house price in some London boroughs topping the £1million mark, an increasing number of your customers may soon be part of this growing market.
Scottish Widows Bank’s Flexible and Professional mortgage ranges can offer your large mortgage loan customers a unique flexibility that works for them.
Their £1m-plus product range attracted more than £40m of business in the first six weeks of this year alone, due to a winning combination of competitive rates, flexibility of offset, criteria and service.
According to research from Lloyds Bank, there were 6,684 million-pound house sales in Great Britain in the first half of 2016; this was 12 per cent higher than in the first six months of 2015.
The Borough of Kensington and Chelsea tops the table for the most million-pound plus property sales in the first half of 2016, but the largest increase – albeit from a very low base – was in the North East of England.
Many of your customers in higher earning jobs, including accountants, barristers, dentists and engineers, may already be shopping in this growing market and Scottish Widows Professional Mortgage may be a more beneficial option for their individual needs. Large loan customers will not often fit the mould of the average home buyer. They may be self-employed, have multiple income streams or receive bonuses or dividends.
Such customers might be surprised at the benefits that a Scottish Widows Bank Professional or Flexible Mortgage could offer. You can get full details on their website.
Customers borrowing less than 75% LTV may also be able to repay their mortgage on an interest-only basis, allowing them the resource to be more creative with their cash portfolio. A suitable repayment vehicle must be in place to repay the mortgage at the end of the term.
Your large loan customers may also hold substantial savings, or need to have 24/7 access to their savings for business purposes. Their built-in offset facility can help your customers, especially those with substantial savings, to reduce their monthly payments or pay off their mortgage earlier. You can show your customers their simple 2-minute film on their website “Introduction to Offset” to demonstrate how this could work for them: http://www.scottishwidows.co.uk/extranet/products/mortgages/offset
Scottish Widows Bank has the expertise to help you and your large loan customers make their money work best for them. Contact your Business Development Manager for more information on their products and the benefits.