High net worth individuals are struggling to get mortgages through high street lenders that don't understand their needs according to Butterfield Mortgages.
Butterfield’s research of more than 550 borrowers – all with a net worth over £1 million – says that 79% of HNWs think too many banks apply “tick box” methods when assessing applicants.
The figures also showed that 38% say they struggle to get finance because they do not receive a standard monthly paycheque, while 44% find it inherently difficult to secure a mortgage because their capital is tied up in existing real estate investments.
60% believe it has become increasingly difficult to obtain mortgages for nonprimary residential purchases and two in three (67%) do not believe high street banks cater to the needs of property investors and buy-to-let landlords.
Aaron Strutt, product director at Trinity Financial, says: “Many of the banks and building societies have set up large loan teams to cater for wealthier borrowers looking for larger mortgage loans.
“High street lenders can help some of the high net worth clients used to deal with the private banks but not all of them. Some clients want a dedicated contact to help them manage their banking and assets.”
Call Trinity Financial to secure a high net worth mortgage on 020 7016 0790