The rise of the private bank mortgage

Gone are the days when private banks were seen as old, stuffy institutes run by aristocrats.

Once reserved for the super-rich and famous, they have become increasingly accessible as demand for high value mortgages continues to grow.

The key difference between private banks and high street lenders has always been the quality of personal service and solutions on offer. Many are still smaller institutes compared to the giants on the high street and deliberately avoid publicity; others are becoming much more open about their services.

Why choose a private bank?

Private banks are a world away from your average, mainstream lender in terms of the service and criteria on offer. Just recently our Managing Director Hugh Wade-Jones was featured in the Daily Mail, discussing the benefits of banking with a private lender. He explained:

‘It’s not just day-to-day banking but the wealth planning on offer, which includes trust services (very useful for succession planning), investment management and concierge services for wealthier clients.’

For example, one private bank whom we have an excellent relationship with recently had a client hop on a train, only to realize he had left his wallet (cash and cards included) at home. Upon contacting his bank in a panic, he was promptly met at the station with the cash he needed so he could go about his day worry-free. This is the kind of old-school private bank that has the forward-thinking necessary for the financial markets today.

The key benefit of banking with a private lender is the bespoke nature of service and case-by-case approach to lending they provide. Rather than appealing to the mass market and considering applications based on rigid, tick-box criteria, they will take the time to understand your personal financial situation, build a relationship and secure the very best solution for you.

If you want to discuss something late at night, chances are there will be someone picking up at the other end. There is also a certain amount of ‘kudos’ when it comes to private banking. As Hugh points out, ‘It’s not uncommon that producing a certain bank card in a restaurant or shop may suddenly improve the table you are allocated or the service received.’

How to secure a private bank mortgage

Private banks do not necessarily require Assets Under Management (AUM) to secure a mortgage these days. However, the loan amount will need to be £1 million or more. After all, complex financial structures and circumstances are their speciality – and ours, at that.

That is exactly why we have built such a strong network of relationships in the private banking sector, which has been a large contributing factor to the launch of our own private services arm: Enness Private Office. As a bespoke, exclusive, high net worth specialist brand, this is the best place to find expert advice and a solution to your complex or high value financial needs.

However, access to these lenders is not purely restricted to Enness Private Office, with many of Enness Private Client’s higher value and complex cases also being put to a private or specialist lender when the high street simply hasn’t been able to deliver.

Whatever your circumstances, the best way to access this type of lending is by introduction, which is where we can help. If this is something you are interested in then please do not hesitate to get in touch, or visit Enness Private Office for more information.