If you are a high net worth individual, you can take out a high net worth mortgage. That sums up, in one sentence, who has the option of this particular kind of mortgage. However, it’s an overly simplistic answer to the question in this article’s title – not least because it fails to provide its own definition of a high net worth individual or acknowledge that just because you can, doesn’t mean that you should. Let’s unpack this deceptively simple question…
How should a high net worth individual be defined?
There appears to be a broad spectrum of opinion about what constitutes a high net worth individual. The Financial Conduct Authority defines a high net worth mortgage customer as having an annual net income of at least £300,000 or net assets of at least £3,000,000. The term, the FCA adds, can alternatively be applied to a customer whose obligations are guaranteed by an individual whose income or assets meet these criteria.
However, the now defunct Financial Services Authority had, shortly before it was abolished, defined a high net worth individual as someone earning over £1,000,000 or with assets worth over £3,000,000. While we reckon that the assets figure cited by both the FCA and FSA seems about accurate, we would define high net worth income as £500,000 minimum.
Reasons to turn to a high net worth mortgage broker
If, by our own definition, you are a high net worth individual, this isn’t sufficient reason in itself for you to take out a high net worth mortgage. However, there could remain compelling reasons for you to go down this option. For example, you may find that, when approaching various lenders, you are exempt from receiving advice about mortgages. Getting this kind of advice could be hugely useful for you if you have made your money outside the financial sector and, as a result, know little about mortgages.
This begins to explain why it could be worthwhile for you to forgo seeking the help of a traditional mortgage broker in favour of instead turning to a specialist high net worth mortgage broker. Enness Private Clients is such a company – and our complete independence and strong focus on very wealthy individuals helps us in both discerning and meeting their unique needs when they are looking for a mortgage.
We can cater even for super-specialist requirements
There are a variety of ways in which you can get in touch with us – including in person at our offices on the corner of Grosvenor Square in London’s Mayfair, over the telephone on 0203 758 9393, or by email via firstname.lastname@example.org. However you get the ball rolling, once you’ve spent a decent amount of time discussing your needs with us, you could find that you really require what is called an ultra high net worth mortgage.
If this indeed turns out to be the case, we are certainly well-positioned to help you. This kind of help is unlikely to have even have been on the table had you stuck with a traditional broker.