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What is a private finance mortgage?

As an affluent individual purchasing a new home or refinancing your current property, it is important to understand the different financial options that are available to you. For high net worth individuals private finance is just one of the options that’s worth considering. As part of our specialist mortgage products, Simple Fast Mortgage provides advice for affluent individuals who are considering using private finance to buy or refinance a property.

 

Private finance is available to high net worth individuals who, despite their wealth, can sometimes struggle to secure a mortgage. You might want to buy a high value property but are frustrated by traditional lender limits on borrowing amounts. It can also be difficult to secure a mortgage if your income comes from multiple streams, such as bonuses, trusts or shares. If you have low or no income, this can also cause issues with securing a mortgage, even if you have considerable assets in place.

 

In cases such as these, our team can use our connections within private banks to secure finance. Private finance lenders can make use of the high net worth exemption and so are not bound by the same rules and restrictions applied by traditional lenders. They tend to be more flexible around what income they will accept, your mortgage conditions and affordability.  Private banks also review applications on a one-to-one basis, tailoring your finances around your lifestyle.

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How does a private finance mortgage work?

Private finance lenders offer both residential and buy to let mortgages on various terms with different payment options including interest only and repayment. The difference is that your borrowing is bespoke and tailored to fit your personal circumstances and lifestyle. The lender will review all your income sources, when reviewing your application and will also review your assets when deciding how much to lend. Some private finance mortgages will require a higher down payment and interest rates can sometimes be higher than with a traditional lender. But this is due to their bespoke nature, which usually makes it easier to secure a mortgage. 

 

When you work with our team,  we’ll use our extensive knowledge of the market and connections in the world of private banking, to find the lender which is the best fit for your plans. Private finance mortgages also come with the added benefit that we can often negotiate directly with the lender over their criteria and interest rates, offering more flexibility to you.

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Why opt for a private finance mortgage?

Private finance mortgages allow wealthy individuals who might otherwise struggle to get a mortgage, to purchase or refinance a property. This could be for a second home, a buy to let, a high value property, or to remortgage to raise money for another project or to help family members buy a property without affecting their cashflow. Private finance lenders can use the high net worth exemption to tailor a mortgage to their borrower’s needs.. The high net worth exemption encourages lenders to look beyond their standard affordability checks and to use their own judgement as to whether an individual can repay their loan. This means they can also take into consideration your assets when considering your application. This could include property, luxury vehicles, jewellery and artwork – assets which a high street lender wouldn’t normally accept. Private finance can also be an option for ex-pats who can’t get a traditional mortgage due to their residency status.

 

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Does private financing for mortgages impact the loan amount you’ll receive?

Choosing a private finance mortgage can impact the loan amount you’ll receive. In many cases, it could allow you to borrow more than you would be able to lend with a mainstream lender as more income streams can be taken into consideration such as interest from stocks and shares, trust income, bonuses, commission, and business dividends. Any assets owned can also act as collateral, helping you secure a mortgage. Due to the bespoke nature of the lending, interest rates and fees can sometimes be higher but as your mortgage is reviewed on an individual basis, securing a mortgage can be more straightforward.

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Why choose Simple Fast Mortgage to help secure a private finance mortgage

Our friendly team of mortgage advisors prides itself on our extensive knowledge and expertise of the finance options available through private banking. Due to our connections in the world of private banking, we regularly assist wealthy individuals to secure private finance mortgages. We’ll take the time to understand your current situation and find the lender that is most suitable to your unique financial circumstances in order to get your mortgage expedited. Our experienced team will guide you through the entire process, ensuring a smooth and efficient mortgage experience so there’s no need to stress.

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