HIGH NET WORTH MORTGAGES
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Your home may be repossessed if you do not keep up repayments on your mortgage.
We often get enquiries from individuals or families that are struggling more than they should with getting a mortgage. This is because Lenders are classing them as ‘High Net Worth’ and therefore have slightly more complex and specialist needs. More often than not, these people are also looking for ‘large loans’ which can be tricky.
Yet, what defines High Net Worth individuals? What do Lenders define as a large loan and why the mortgage advice you receive needs to be tailored to suit these specialist circumstances?
Here at Lloyd Wells Mortgages, we understand the importance of getting the right mortgage advice when you need it. That’s why we are proud to be the first choice for our high net worth mortgage customers in Bristol. Our clients trust the fact that we don’t use confusing jargon and explain everything that they need to know in an easy-to-understand way.
When you first contact us, Pete or Adam will discuss with you where you are and your current circumstances to understand where a high net worth mortgage is the right step for you to take. We’ll also be able to help you to understand how much you can afford and how much money you can put down as a deposit. In this first step, all we’ll need to know is your current employment status, how much you earn and your credit score.
To find out more about a high net worth mortgage, get in touch today. We’ll help you to save time, money and stress in what can seem like a very confusing process at first.
What Is a High Net Worth Individual (HNWI) and Why Is It More Difficult To Get a Mortgage?
Let’s start with the definitions of a ‘High Net Worth Individual’ and ‘Large Loans’.
- The FCA (Financial Conduct Authority) defines a High Net Worth Individual as someone that has an annual net income of £300,000 OR assets worth £3 million or more.
- Mortgage Lenders’ definition of Large loans varies from lender to lender but most would consider it a mortgage over £750,000.
Although it is possible for these individuals to get mortgages through High-street banks and building societies most will need a lender that will take a more specialist view. A view of their overall position taking into account offering a mortgage based not just on income and outgoings, but a mortgage that takes into account their assets and investments.
The issue with most high-street banks is that they have more of a ‘one size fits all’ affordability assessment. This helps them deal with the huge volumes of business they receive on a daily basis but doesn’t help those with special circumstances or complex incomes.
High Net Worth Individuals need a more bespoke lending proposition from a lender. A private bank or specialist lender will take a more holistic view of the individual’s financial situation when calculating how much they might be willing to lend.
How Can Specialist Lending and a Broker Help Me as a High Net Worth Individual?
Approaching specialist lenders through the right Broker can have many advantages. For example, there will be lenders that can look at the following:
- Income from investment portfolios,
- Incomes in foreign currency,
- Lending at higher loan-to-income ratios (i.e. 6 times income or higher),
- A mortgage based on company profits,
- Income from Rental Properties,
- Interest Only Mortgages to a higher level,
- Getting a larger loan and a higher loan to value,
- All of the above combined.
These lenders can take an in-depth look at your personal situation and can offer larger mortgages or terms High Street banks can’t.
We have helped many HNWIs find the right private or investment bank over the years. We have spent the time required to explain the situation and supply the correct documentation to not only get the approval for the loan but to get it as quickly as possible.
Types of Clients That Can Benefit From High Net Worth Mortgage Solutions
The main issue with specialist lending is that it is impossible to say ‘this is who we help’. An individual’s wealth can come from many different places and it’s safe to say we have seen a huge variety. To give you an example of some of the professions and situations we’ve helped, we’ve listed a few below.
- Private bankers with larger annual bonuses,
- Self-employed company owners where the income is held in the company,
- Sports professionals where income comes from prize money and sponsorship,
- Law partners and law professionals,
- Contractors,
- Actors and musicians with massively fluctuating incomes,
- Professional gamblers where income is from sponsorship and winnings,
- Lottery winners that have investments generating income.
You name it, we’ve probably seen it!
Leading Providers of High Net Worth Individuals Mortgages
Here at Lloyd Wells Mortgages, we are always very happy to talk through your situation and to look for potential options with you, as any great Broker should do.
Give us a call on 01174 520330, our initial conversations usually last around 15-20 minutes. Alternatively, you can email enquiry@lloydwellsmortgages.co.uk and let us know how we can help you.
During the call we will discuss:
- Your personal situation and goals,
- Your income levels and sources,
- A brief overview of your assets,
- How Lloyd Wells Mortgages work,
- What documentation you may need to provide,
- Next steps and processes.
We’ll then contact a number of lenders on your behalf to discuss so that we can come back to you with some figures to consider.
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Unlike other mortgage brokers, we have excellent existing relationships with lenders and can access a wide range of mortgage to find you an attractive deal based on what you can afford. Make sure you choose the right lender for you – a genuine broker will explain all the terms to you in detail as many times as you need.
To discuss your first time buyer mortgage or for some friendly advice, contact us today.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Frequently Asked Questions
Below are some of the most frequently asked questions about high net worth mortgages.
If you are looking to invest in a high-net worth mortgage, you may find that you are restricted to a few lenders or private banks. This will be because of how you can prove your income.
This can be difficult to face alone, which is why here at Lloyd Wells Mortgages, we’ll be there for you each step of the way.
Net assets are defined as stocks, shares and trusts Whilst they are not typically defined as ‘assets’, cars and art can also be used for leveraging against borrowing.
If you are looking for a high net worth mortgage. A key first step to take is to speak to an expert, who’ll be able to identify all of your assets and give you an accurate valuation.
Lenders will typically look for a regular income, that will reassure them of the fact that mortgage payments will be met. However, sometimes personal circumstances can mean that an individual has an irregular income. Many lenders will not accept this type of income which is why a specialist high net worth mortgage is a good route to go down for some.