The landscape of the mortgage market in the UK is evolving as the needs and demographics of consumers change, it has been claimed.
Investec Private Bank spokesperson Wayne Preston said this is particularly evident in the sector of the market dealing with those earning high incomes, as a "custom-built offering" applies to this type of client.
He noted that in this sector, clients are becoming increasingly sophisticated, while the way in which they earn money is becoming more and more complex – all of which impact on the mortgage market.
"What clients are looking for is some alternatives in the market today," said Mr Preston, adding that Investec has seen "significant growth" in demand for multi-currency mortgages.
"It's very flexible," he said. "We try to cater for the clients' needs so if they want to repay in lump sums or overpay, we pretty much build it around everyone every time, depending on their requirements."
Earlier this week, the head of specialist mortgages at Alliance & Leicester, Jeremy Claridge, said the mortgage market is "continually changing" and there is an "ever growing need" for more flexible mortgage products.
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