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Farage in 2018. In June 2023, the private bank Coutts closed the account held by the British politician and broadcaster Nigel Farage, triggering controversy. NatWest, the owner of Coutts, initially claimed that he failed to meet the Coutts eligibility criteria of holding £1,000,000 or more in his account, following the expiry of his mortgage.
The rule suggests that your mortgage costs shouldn’t be more than 28% of your gross monthly income or more than 36% of your combined debt, including your new monthly mortgage costs.
When pressed by Farage to reveal why, NatWest said that he failed to meet the Coutts eligibility criteria as he did not hold £1,000,000 or more in his account following the expiry of his mortgage. [298] The story was picked up by the UK press.
Coutts & Co. / ˈ k uː t s / is a British private bank and wealth manager headquartered in London, England. Founded in 1692, it is the eighth oldest bank in the world.Today, Coutts forms part of NatWest Group's wealth management division. [3]
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The loan does accrue interest, which the borrower can choose to pay off monthly or have added to the loan balance. The mortgage comes due when the borrower chooses to move out, sells the home or dies.
NatWest will receive £125 million from the deal upon completion in the first half of 2025. [52] In 2024, NatWest also entered into an agreement with Metro Bank plc ("Metro Bank") to acquire a £2.5 billion portfolio of prime UK residential mortgages, with a weighted average current loan to value of c.62%. [54]
A mortgage point could cost 1% of your mortgage amount, which means about $5,000 on a $500,000 home loan, with each point lowering your interest rate by about 0.25%, depending on your lender and loan.
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