Investec Specialist Private Bank has launched a new mortgage service for high net worth individuals whose profession means that they have an irregular income due to lump sum bonuses.

The new mortgage facility – called £Million Plus – is designed so that clients’ overall income and wealth are taken into account, rather than just the value of the property and the person’s monthly income.

To qualify borrowers need to earn over £300,000 (around $470,000) a year, have a personal net worth of at least £3 million and be looking to borrow a minimum of £1 million. The bank envisages that its typical applicant will be purchasing a property worth in excess of £1.5 million.

Financial services professionals are of course one market segment who could have need of a mortgage provider which takes account of bonuses rather than “flat” pay packages. Investec notes that while many such workers can receive sizeable annual bonuses – and have significant personal wealth – they still may find it a struggle to get a mortgage of the size they need as banks are not willing to tailor a package to suit their particular income stream.

Investec also said that it will allow mortgage clients to secure their loans against a variety of assets, such as property, deferred shares, investment holdings and offshore deposits.