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Does Nedbank Private Wealth offer mortgages? Which lenders offer high net worth borrower mortgages?
Yes, Nedbank Private Wealth offers bespoke mortgage solutions tailored for high-net-worth individuals. Their mortgage offerings include financing for primary residences, second homes, and buy-to-let properties, with options such as interest-only and guarantor mortgages.
Nedbank Private Wealth Mortgage Offerings
Loan Amounts: Typically range from £500,000 to £10 million. Larger loans may be available upon request and are priced individually.
Loan Terms: Up to 30 years or until the borrower reaches 80 years of age.
Interest Rates: Determined on a case-by-case basis, influenced by factors like loan size, term, and client relationship duration. The bank has two-year floating tracker rates starting from 1% over the Bank of England base rate. Also, five-year floating trackers. Plus two, three and five-year fixed rates.
Loan-to-Value (LTV): Up to 75% for residential properties; typically 65% for interest-only mortgages. This depends on the property's value, use, structure, and location.
Property Locations: Financing is available for properties in the UK (excluding Northern Ireland), the Isle of Man, Jersey, and Guernsey.
Repayment Options: Both fixed-rate and floating tracker mortgages are available. Fixed-rate loans are offered on an interest-only basis.
Nedbank Private Wealth Lending Criteria
Property Requirements:
- Must be a habitable residential or investment property.
- Residential or investment property located in the UK, Jersey, Guernsey or the Isle of Man
- No financing for houses of multiple occupancy (HMOs), working farms, short leaseholds (less than 85 years), high-rise buildings, or development projects.
Applicant Requirements:
- Must have a clean credit history.
- Residency or nationality in the UK, Isle of Man, Jersey, Guernsey, or South Africa. Applicants from other jurisdictions may be considered on an individual basis.
Additional Considerations:
- Guarantor mortgages are available to help family members purchase property.
- Clients with investable assets over £1 million can secure loans against their property or investment holdings.
- Offers are valid for only three months – the offer will lapse at the end of the three-month validity period, after which the pricing may have changed.
Which other private banks are popular for mortgages?
Investec Private Bank and Coutts are two of the most prominent private banks that offer mortgages to high-net-worth clients. Coutts is excellent for international clients and wealthier entrepreneurs.
Investec has a reputation for helping bankers and city professionals who receive bonuses or smaller deposits to secure a mortgage. Both lenders have recently lowered their rates.
Do the high street mortgage lenders offer £1 million+ mortgages?
Trinity Financial has access to a range of high-street lenders offering mortgages of £1 million or more, including HSBC, Santander, Barclays, and Halifax. Click here to view our £1 million+ mortgage rate table.
Call Trinity Financial on 020 7016 0790 to secure a private bank or high net worth mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Nationwide for Intermediaries offers a two-year fix at 3.89% for larger mortgage loans between £300,000 and £5 million for borrowers purchasing a property. The overall cost for comparison is 7.1% APRC. The fixed rate is 0.05% more expensive for remortgages.
If you borrowed £1 million on the 3.89% two-year fix, the monthly interest-only cost would be £3,241.67 increasing to £4,710.95 on capital repayment over a 30-year term.
This mortgage is available on either an interest-only or capital repayment basis, and borrowers require a 40% deposit to access the rate. After two years, Nationwide's mortgage will revert to a standard variable rate of 7.24% unless you switch deals, and early repayment charges apply
Contact Trinity Financial on 020 7016 0790 to find out how much your £1 million mortgage would cost.
Another one of the most competitively priced two-year fixes for £2 million mortgages is available through Santander for Intermediaries' large loan team priced at 4.01%.
Wealthier clients with clear credit histories could access £2 million mortgages with monthly repayments of £6,683.33 on interest-only, rising to £9,559.84 on full capital repayment over a 30-year term.
Santander for Intermediaries' 4.01% fixed rate has a £999 arrangement fee and a two per cent early repayment charge in year one, lowering to one per cent in year two. The APRC is 6.7%, and borrowers must put down a 40% deposit to qualify. The mortgage reverts to the current 6.75% standard variable rate if they do not remortgage or complete a product transfer.
Flexibility is an additional factor many high net worth clients seek when it comes to larger mortgage loans. Fortunately, private banks can offer higher loan to values mortgages and often more generous mortgages than the high street banks and building societies.
Most mainstream banks cap lending above £1 million to 85% loan to value. A private bank, however, can lend 90%, and potentially up to 95%, of the property value for the wealthier clients.
If applicants can demonstrate that they are in the right financial position, then the private bank we introduce them to will offer a more flexible approach than a high street bank. Hence, private bank lenders vs high street lenders can provide both a more personalised service and more flexible lending terms.
You will typically need a 10% deposit to qualify for a £1 million mortgage.
Some lenders are offering more generous loan sizes for those with smaller deposits.
A limited number of lenders may offer a 5% deposit option to get a £1 million mortgage, but the rates are likely to be higher.
Click here to read our mortgage blog: https://www.trinityfinancialgroup.co.uk/mortgage-tools/mortgage-news/how-much-deposit-do-i-need-for-a-1-million-house/
At Trinity Financial, we constantly monitor the £1 million+ mortgage market. Click here to view our £1 million mortgage table, which highlights the pick of the large loan rates.
https://www.trinityfinancialgroup.co.uk/mortgage-tools/million-pound-mortgage-best-buys/
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