High Net Worth Mortgages

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High Net Worth Mortgages

David Stirling talks all about High Net Worth Mortgages and how to obtain one

How does a High Net Worth mortgage work?

Typically the High Net Worth mortgage is a specialist loan for properties above a million pounds on high value properties. Not all high street lenders offer them. There are more specialist lenders that will do bespoke packages for clients that are slightly more flexible.

Why are mortgages for High Net Worth individuals so difficult?

Normally High Net Worth clients have more complex financial circumstances, so the lender needs to factor in things such as their income, their assets, their tax position, and their residency status. 

How much is considered High Net Worth?

Typically mortgages over one million to one and a half million will be considered High Net Worth mortgages.

Who qualifies as High Net Worth?

Typically someone with an income of over £300,000 per year or assets of over £3,000000, but it’s open to debate. It’s quite a fluid name for somebody really.

What can I borrow as a High Net Worth individual and what sort of deposit would I need?

The deals are going to be very bespoke, and the lenders can be quite flexible for this type of client. There are enders that will offer up to seven times your income or mortgages secured against other assets. 

A deposit could be anything, they could take a deposit against other assets, so it depends on the kind of client and their individual circumstances.

Do High Net Worth individuals need Life Insurance?

It’s recommended for all borrowings, it’s prudent to protect against things like death, serious illness and being unable to work. But again, that can be assessed on an individual basis, taking into account health status, age, and smokers status. If you’re looking at a million pounds worth of life cover, it will be slightly more complicated to underwrite. But yes, it’s recommended.

Can you get a mortgage on a million-pound property?

It’s possible if your income is sufficient and you meet all the other lending criteria.

What about on Self-build and Buy to Let?

Self-build would probably be slightly more complicated criteria, but it would be possible. There’s always a little bit more underwriting on Self-build because it’s slightly higher risk for the lender.

For Buy to Lets, as long as you’ve got a 25% deposit and the rental income is sufficient and the client meets all the other criteria then a million pound mortgage is certainly possible.

What does Large Mortgage Loan mean?

Typically it’s a mortgage above a million pounds it’s considered a large mortgage. It’s obviously relative to the individual, as to someone living in Battersea, a million pound mortgage is not large. Across the industry, however, a million pound plus is considered a Large Mortgage Loan.

How do I find a High Net Worth lender?

By using a Mortgage Broker, like ourselves, as we have access to bespoke lenders, many of whom will only date with brokers, and not the general public. 

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. 

We may charge a fee of up to £395 for mortgage advisory services and administration

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