If you’re looking for a mortgage as a high net worth individual, you may be surprised to find that most high street banks will be unable to help you. This may also be the case for many self-employed business owners, or foreign buyers.
However, there are plenty of private banks available who are better equipped to deal with complex income structures, and those who are asset wealthy with little cashflow. We compare private mortgage lenders below and explain how best to access their specialist services.
What is a private mortgage lender?
A private mortgage lender provides tailored lending options for people who have complex income, such as high-net-worth individuals. They also typically provide larger loan sizes than high street banks, usually in the millions.
High net worth mortgage lenders are necessary because people with wealth held in asset form, or with multi-source or currency income, for example, won’t usually meet the rigid lending criteria of high street banks. High street banks are also not typically able to provide multi-million pound loans.
Private banks may also be able to help out with lending for self-employed and foreign borrowers, and may be more willing to support applications for high-risk properties. This is because they are not bound by the same regulations as high street banks, leaving them much room to be flexible with their lending assessment.
Using a regulated broker, like ourselves, is therefore particularly beneficial when it comes to private lenders, as they offer an additional layer of protection. That said, the majority of high-net-worth lenders are actually only accessible through an intermediary like us.
Find your ideal private mortgage lender
Best private lenders for high net worth individuals
Here are some of the most popular private mortgage lenders in the UK, but our brokers have working relationships with many more...
1. Coutts
Coutts is one of the world's oldest and most prestigious private banks and wealth managers, offering mortgages exclusively for high-net-worth (HNW) individuals. You will typically need to have at least £1m in borrowings or investments with them in order to be considered for their bespoke mortgage service.
They are known for their flexibility with multiple income streams, foreign currency and asset held wealth.
2. Investec
Investec is a specialist Private Bank and Wealth Manager, offering mortgages exclusively for High Net Worth Individuals. They are known for their support of complex income streams, so can be particularly helpful to entrepreneurs, and business partners. Loan availability starts at £1m+ and is offered at up to 95% LTV.
3. Cynergy Bank
Cynergy Bank is a private UK bank which was formerly the UK subsidiary of the Bank of Cyprus. They offer both residential and buy-to-let lending to high net worth individuals. They also provide development finance of up to £20m.
4. Nedbank
Nedbank is a private bank that supports a wide demographic of borrowers in both the UK and Africa. They are not exclusively for high net worth borrowers, but they do provide wealth and asset management. They are known for being supportive with some elements of bad credit, depending on the age and severity of the credit issue.
5. Hampden & Co
Hampden & Co are a UK independent private bank aimed at high net worth individuals. Clients have a dedicated banker who would deal with both their every day banking needs, as well as their mortgage borrowing.
They are known for being flexible with irregular income, such as profit shares, dividends and bonuses. They also offer self-build mortgages at up to 70% LTV and a wide range of options for portfolio landlords.
6. Handelsbanken
Handelsbanken is a private bank in the UK, which originated in Sweden. They focus on wealthy clients and business owners. They offer all types of mortgage and are a far more traditional lender than many private banks in terms of their product range. For example, mortgages as low as £5000 are available, so this is not exclusively a bank for high net worth individuals.
Why choose a private lender over a high street bank?
High street banks tend to have very strict criteria that align to full time employed workers with an average income. Those people who fall outside of that demographic are likely to need more flexibility in their lender. Here are the key reasons you may find a high net worth lender such as a private bank more suitable than a high street bank:
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You need to borrow substantially more than a million
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You need to borrow a large loan to value (LTV) on a high value property
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Most of your income is held in shares, investments, offshore trusts or non-liquid assets
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You have an otherwise complex income structure, such as income from multiple business, and/or in multiple currencies
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You wish to buy an unusual or risky property, such as one of non-standard construction, or with a listed status
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You are a self-employed business owner or professional
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You’re an expat or foreign buyer in the UK
How to access private mortgage lenders
Private mortgage lenders don’t often have publicly available set rates, so to find and compare the best high net worth mortgage deals it’s a good idea to use a specialist mortgage broker. Many high net worth lenders won’t be available directly anyway, so via a broker is often your only option.
At Money Helpdesk we have strong relationships with a host of private lenders from across the market. We have considerable experience in helping those with complex income streams to secure property finance, whether that’s for your home, or your business.
We understand how each private lender operates, and can help present your case in the most appealing way possible. Whether you’re a high-net-worth individual, or simply have unusual or complex income, we can help you to compare the options available to find the most suitable and beneficial home finance for your needs.
Get started here to begin a free, no-obligation chat with a broker who specialises in high net worth mortgages and has a deep working relationship with private lenders.
FAQs
Most high street lenders will look at self-employed applicants, however, they can be fairly strict with their criteria. If you’ve got less than 2 years of accounts available you’re likely to have fewer options on the high street, but a private bank will assess each application on its own merits.