What is High Net Worth?
The definition of high net worth as outlined by the Financial Conduct Authority (FCA) is a customer with earnings no less than £300,000 pa or net assets no less than £3 million. Assets can include equity in residential property. We work with lenders who can offer bespoke rates for High Net Worth customers.
Due to rising property prices in the UK’s city’s high net worth mortgages tend to be larger loan sizes – and require specialist mortgage advice.
Who offers High Net Worth Mortgages?
As property prices in and around our our big metropolitan cities continue to rise into the millions, you may find that you need a larger mortgage to secure the kind of home you want to live in. The problem is that many high street lenders simply won’t lend above the £1m mortgage mark.
Mint FS are experts in helping nigh net worth individuals secure the mortgage funding they need. We can approach specialist lenders and private banks who are more flexible in the way they will assess these types of loan and support the application by talking directly to the underwriters where possible.
Many of our high net worth and high income clients are finding that standard lending limits simply don’t go high enough for the kind of property they want to buy. It is not unusual to raise a mortgage for more than a million pounds when wanting to purchase a property, either to live in or as an investment in or around London, Manchester, Birmingham Edinburgh, Glasgow, Bristol or other desirable locations.
The wealthier a client is, the more complex their finances are, which can make it harder to arrange finance
If you’re looking for a large mortgage loan, you need to make a case to one of the specialist lenders or private banks who are used to arranging loans for larger sums. Therefore it is essential that you use a broker that has solid relationships with these lenders – such as Mint FS.
Mint FS can help with High Net Worth Mortgages
With over 40 years of experience and excellent contacts, we know who to approach in order to secure larger mortgages. As expert brokers we can:
- Talk directly with underwriters at specialist lenders and private banks who we know have a proven track record in closing larger mortgage deals
- Understand structures like family trusts, offshore investments, international wealth and multi-currency income profiles and present a compelling case on your behalf
- Manage larger mortgages for UK and foreign nationals and deal with any other financial or professional advisers you may wish to be involved
- Move quickly enough to ensure that you get the home or property investment you have set your heart on, as time is often a factor in larger deals
Another challenge in looking after High Net Worth clients is the ability to work on a worldwide scale. This is technically challenging, especially in regard to property, because transactions are understandably much simpler when the client is living, working and paying tax in one location.
From a practical standpoint, providing an excellent level of service should not be more difficult, so long as businesses that deal with High Net Worth clients / large mortgage loans should prepare to adapt accordingly – utilising technology to make the mortgage process as seamless as possible. It is unrealistic to expect very wealthy clients to fit their lives around the limits of your business hours.
This is where Mint FS can help – we use the latest technology to provide an exemplary client service. Utilising electronic ID, electronic signatures and interactive client area’s to make our service truly 24/7
This allows us to provide advice to our clients at a time and a place that suits them, be that home, work or even on the move.
Want to know more?
To find out how we can help with your larger mortgage, call us on 0330 1355914 or fill out our contact form and we will call you back.