If you have an income over £250,000 or have assets worth more than £1million, a private bank could certainly be a fantastic option for you. Private banks are often suitable for Enness Private Office clients because these lenders have the flexibility and holistic approach to deal with borrowers who have complex profiles.
Who are private banks suitable for?
Clients with complex backgrounds or unusual requirements should certainly consider developing a private banking relationship in order to take out a mortgage. For example, high street lenders have strict affordability criteria, which means they may struggle or be unwilling to offer an appealing rate to clients who are self-employed, foreign nationals, or do not have a strong UK profile.
Private banks will consider circumstances that are much less likely to tick the boxes of high street lenders, who often shy away from complex cases even if the borrower can comfortably afford monthly repayments. For anyone with non-standard incomes such as bonus payments, profit-sharing agreements, or income and dividends from self-employment, private banks are a useful option.
So as the high street market’s criteria has become increasingly rigid, a mortgage with a private bank is often the best solution for any borrowers with a more complex financial situation or income stream.
How can I develop a private banking relationship?
Understandably, developing a private banking relationship is not as simple as walking into a high-street bank and asking for an appointment. This is where a brokerage like Enness Private Office can help; after reviewing your situation, we can direct you towards the most appropriate private bank, using our relationship with them to set up a meeting and negotiate on your behalf.
Private banks are keen to build long term relationships with clients. We will structure your application and profile appropriately to present you in the most appealing way, meaning you can enter into a mutually beneficial private banking relationship to be enjoyed for many years to come.