Stress Free Mortgages for High Net Worth Individuals

Your home may be repossessed if you do not keep up repayments on your mortgage.

 

Stress-Free Mortgages for High Net Worth Individuals

15/05/2023

The information contained within was correct at the time of publication but is subject to change.

For high net worth individuals, getting a mortgage can be a daunting task. Your income may be less ordinary and come from several different sources. Typically you will be cash rich and time poor, and the last thing you want to be doing is spending your free time producing documents for a mortgage application when you could be spending that time with your family.

Here at Lloyd Wells Mortgages, we understand your needs. We pride ourselves on our personalised service and our commitment to getting you the mortgage you require, as quickly and easily as possible. We take a holistic view of your financial situation and work with you to create a mortgage plan that meets your individual needs.

We understand that you don’t want to assign bandwidth to your mortgage, you just want it done right, first time. That’s why we offer a dedicated team of mortgage experts who are available to answer your questions and guide you through the entire process. We’ll take care of the paperwork, so you can focus on the things that matter most.

We recently helped one of our clients with the remortgage of his home.

The client, who works for a global fintech business, wanted to achieve his goals as efficiently as possible, with a young family he didn’t want to have to keep producing documentation for a mortgage.

He told us that he wanted an interest only mortgage and wanted to raise £70,000 for further home improvements.

As his property in London was valued at £1.7m, we were able to use the sale of the property as a repayment strategy.

The lender in question confirmed that as he was earning more than £250,000 per annum, they could have up to 75% of the property value on an interest only basis, and a further 10% on a repayment basis. This allowed him to have his full mortgage on an interest only basis.

If he had been earning less than £100,000, the income multiple would have been capped at 4.45 times his income. This isn’t the case for every lender and we will discuss in detail your options after we have completed our research.

When applying for the mortgage, the lender simply needed proof of his earned income, including his bonus.

We recently spoke to a lender that considers non-traditional assets for mortgage underwriting. This means that borrowers who do not have traditional income, such as self-employed individuals or those with limited companies, may still be able to qualify for a mortgage.

The lender is considering a variety of non-traditional assets, including watches, art, and supercars. The lender will assess the value of these assets and use them to determine the borrower’s ability to repay the mortgage.

They said that if the client has several limited companies then they would need access to the accounts for the last three years for each to help them understand the clients wealth.

They also said that they wouldn’t need to take assets under management.