High Net Worth Mortgage Brokers

Getting a high net worth mortgage requires a slightly different process than for standard home loans and you’ll almost certainly need to seek help from a broker who specialises in this area of lending.

This guide explains all the details you need to understand how using specialist high net worth brokers is essential if you’re to secure the mortgage borrowing you need. 

What is a high net worth mortgage broker?

This is a broker who is qualified to deal with high value clients. In order to qualify for this category – as defined by the FCA –  you’ll need a salary of over £300,000 or access to assets worth at least £3 million. Sometimes property values also need to reach a certain threshold, usually over £1 million, for a high net worth broker to become involved.

If you meet this criteria, your best course of action is to seek the help of a specialist high net worth lender. As these lenders aren’t typically present on the high street, you’ll need an experienced broker who can approach them on your behalf.

Why use one of these brokers?

First and foremost you need someone with the right amount of knowledge to give you the confidence of securing the mortgage you need for the property you want to buy.

Here’s a number of other examples how they’ll be able to help:

• Access to private lenders: some lenders and private banks only deal in mortgages for high net worth individuals. Using a specialist broker is often the only way to find and access these resources.
• Industry contacts: some high street lenders will have divisions set up purely to arrange mortgages for high net worth clients. An expert broker will have connections within these departments, giving them the ability to arrange an introduction for you.
• Use of higher income multiples: qualifying for the high net worth exemption  means  you can potentially access mortgage deals unavailable to other applicants. However, this involves dealing with the right lenders and there are only a small number who will permit income multiples outside those used by high street banks
• Borrow against assets: you may have a low income but a large portion of your wealth tied up in assets. A suitable broker can help you explore options such as asset-backed mortgages, allowing you to bypass the need for a large income.
• Purchasing expensive property: many high street banks will have caps on the size of the mortgages they can offer.  Using a broker means accessing the lenders who still offer competitive rates for a property with a high price tag.
• Flexibility: the high net worth exemption can provide you with some unique borrowing opportunities. But to view the full range of options and negotiate the best possible deal, using a skilled broker will massively boost your prospects. They can work with lenders to create a bespoke mortgage, one that’s favourable to your personal circumstances.

How an expert broker can help you get better rates

Because high net worth mortgages are created on a case-by-case basis, it’s really important that you’re using a broker who’s going to be able to get you the most attractive deal. The terms and rates offered will vary and it’s crucial you have an industry expert in your corner.

Standard high street lenders do sometimes offer mortgages worth a million pounds or more. But, their eligibility criteria can be extremely rigid and far less nuanced. Interest rates will fluctuate based on your circumstances. So, it’s best to use lenders who can be more flexible and offer more competitive rates.

Just make an enquiry and we can introduce you to a mortgage broker who specialises in complex high-value deals.

How much do high net worth mortgage brokers cost?

High net worth mortgages involve a very tailored approach, and the same can be said for the costs involved. The main factors that will determine your broker’s fee are the amount you’re borrowing and the complexity of the financing required.

Here at Online Money Advisor, all the brokers we work with use our fair fee policy. This means after we introduce you to an expert broker for free, you won’t be charged anything if they can’t deliver on your mortgage application.

Practically, this can work in two ways. Some brokers we pair you with will not charge any fees until the mortgage is approved. Alternatively, those who do charge an upfront fee will refund it should the mortgage not get approved.

Get matched with a high net worth mortgage broker

The best way to arrange a custom mortgage deal is going to be by using an expert broker. Ideally, one who’s accustomed to arranging loans for this category of clientele.

We offer a free broker-matching service to help you find the best possible advisor. This means assessing your individual needs and then pairing you up with a mortgage broker who has extensive knowledge of this market niche.

Just call 0808 189 0463 or make an enquiry and we’ll arrange a free, no obligation chat between you and a skilled mortgage broker who specialises in high net worth clients.