High-Net Worth Mortgages
Award Winning Mortgage Advisers in Bristol
Secure mortgage approval with our team and get dedicated high net worth mortgage advice
Your Home May Be Repossessed If You Do Not Keep Up Repayments On Your Mortgage.
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.
Award Winning Mortgage Broker for High Net Worth Individuals
Here at Adam 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
adam@adamwellsmortgages.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 Adam 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.
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.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Adam Wells Mortgages is a trading name of Adam Wells who is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.
A fee of up to £495 per mortgage may be charged depending on individual circumstances.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.