Not all mortgage brokers understand the needs of a high net worth client. There are many additional factors that lenders need to consider when negotiating a high value mortgage. Often, only those brokers who specialise in assisting high net worth clients will have the knowledge and contacts will be able to take everything into account to find the right solution. However, this begs the question, what exactly is a high net worth mortgage, and how might you qualify for one? In this guide, our London mortgage brokers explain all.
What Do Lenders/Banks Qualify As “High Net Worth”?
The first query that must be answered is what lenders will consider as high net worth. All lenders will differ on the exact criteria and thresholds they use to define this, but in broad terms, these are the requirements that must be met by at least one applicant:
- A higher than normal income
OR
- Increased equity
If you are using your annual net income to qualify, then this figure must be achieved post-tax as well. It should also be kept in mind that some lenders will use the net profit of your business as income, as many self-employed individuals or company directors do not draw all of this as salary.
How Can You Secure A High Net Worth Mortgage?
If you think you will qualify for a high value mortgage and are looking to secure one, then these are the steps we recommend taking:
- Prepare All Documents In Advance: As with any other mortgage, you will need to prepare all of the standard paperwork for an application such as proof of income, identity and address. In addition, if you intend to declare assets as part of your application, then you will need paperwork for this as well. Acquiring a decision in principle can also be a considerable help in determining what you can afford.
- Contact A Specialist Mortgage Broker: Finding the right mortgage broker is essential if you are hoping to secure the right deal for a high net worth mortgage. Fortunately, at Select Mortgages we have over 40 years experience in providing mortgages such as these, and are well connected with premium lenders in London and the home counties.
- Allow Our Mortgage Brokers To Handle The Rest: The best way to achieve the outcome you are seeking in your high net worth mortgage application is to leave it to our professional brokers. It’s what we do. We will handle the rest and find a lender with a high value mortgage that meets your needs.
The Advantages Of Being A High Net Worth Mortgage Applicant
Given the comparative size of the loan you are seeking, it should come as no surprise that lenders may offer benefits or advantages to you if you qualify as of high net worth in their eyes. These are just a small number of the advantages lenders can offer to high net worth individuals:
Your Application Becomes A Priority
Many top lenders and banks will have a dedicated team for handing high net worth applications. These teams will have a smaller workload so that they can focus on a high priority case such as yours.
This means that you can expect a much faster turnaround with your application, more knowledgeable and responsive customer service contacts, and, most likely, a higher level of individual care and attention then with a normal application. Not only will this make the process much smoother and less stressful, it could also make all the difference in being able to make an offer on a home at the right time.
A Larger Pool Of Lenders To Choose From
A high value loan is an attractive proposition for most lenders, provided the applicant meets their criteria. Given this, you will have a much larger number of lenders to choose from, allowing you to pick and choose a deal that best suits your interests. Of course, our mortgage brokers will handle much of this process for you, meaning you will receive all the benefits of having a desirable mortgage application without the unwanted tedium of sifting through a multitude of different loan terms.
More Favourable Rates And/Or Higher Loan To Value
Following on from the above, because your mortgage application will be seen as much more attractive, lenders will be much more inclined to offer favourable terms. This can include better interest rates, larger loans, or a much larger loan to value mortgage than they would otherwise offer. Because of your status as a high net worth individual, you will be seen as a much safer and more valuable investment, and thus lenders can be far more willing to offer a better deal.
High Net Worth Mortgages With Select Mortgages
At Select Mortgages & Loans, we have more than 40 years of experience in assisting our clients in acquiring high value mortgages. These are a small number of reasons why people choose us:
- No solicitor or lender fees: We perform all the expert services of a high net worth mortgage broker, but without charging anything for our services, resulting in substantial savings for you. This also includes free quotes and valuations, so you never have to think twice about contacting us. This may be subject to terms for remortgaging.
- Range of mortgage products: Whether you are seeking broker advice for remortgaging, raising capital, buying to let, or for many other purposes, our expect mortgage brokers can help.
- A personal touch: Our mortgage brokers are always accessible, so you can receive right advice at exactly the right time. Each applicant is an individual to us, and their unique circumstances are always considered so that we can negotiate the right deal.
If you are interested in learning more about acquiring a high net worth mortgage, who we are, or would like to get in touch with one of our expert mortgage brokers, please contact us on 01792 850 017 or email us at info@selectmortgages.net. We would be delighted to work with you to find a mortgage deal that you will love.