Luxury lender Investec has announced big mortgage rate cuts for high earners – and some landlords will benefit too.

Investec Bank has launched a new mortgage deal for borrowers with a 40% deposit (60% loan-to-value).

And that’s not all. The bank has also cut rates across its range of fixed-rate residential and buy-to-let mortgages. Variable rate mortgages have also been reduced, with some rates falling by as much as 0.62%.

This means homeowners could secure a two-year fixed-rate mortgage with Investec at 4.57% or 4.73% for a five-year fix. These rates are available on mortgages at 60% LTV.

Landlords haven’t been forgotten in the rate cuts. Buy-to-let rates now start from 5.31% for a two-year fix and 5.27% for a five-year fix at 70% LTV.

Another perk for borrowers is the option to make overpayments with no early repayment charges (ERCs) on Investec’s entire range of tracker mortgages for owner-occupiers, those remortgaging with additional borrowing and self-build cases.

Peter Izard, head of intermediary business development at Investec Bank, said: “We’re delighted to introduce a new 60% LTV rate to our range, further widening the choices available to high-net-worth individuals in the UK who want to take advantage of the value that a lower LTV mortgage offers them alongside the benefits of a personalised private banking relationship.

“The interest rate environment has really improved for borrowers, and we’re pleased to be able to pass on reduced rates to our clients. We look forward to helping our brokers finance their clients’ property purchases with a range of bespoke mortgage offerings, tailored to high-net-worth clients. We understand that many have complex lending needs and have designed our products to take into account the client’s wider wealth profile, rather than just income.”