Private bank mortgages are often well-suited to high-net-worth borrowers because privately owned companies will assess every finance application individually. Private Banks will take a view on a client’s more complex income structure and assess the affordability of the loan by looking at a wider range of factors.
Private banks tend to be more willing to consider individual financial situations and lend accordingly with a bespoke tailored product. This might mean that when applying for a private bank mortgage, clients are able to apply for a larger mortgage amount, be considered for an interest-only loan, or are able to use multiple income streams to prove their affordability.
Due to the relative rigidity of their underwriting processes and their eligibility criteria, most mainstream lenders would not be able to offer such attractive borrowing terms.
Private mortgage lenders are often prepared to take a view on a multitude of factors when deciding whether or not to offer you a mortgage agreement. Unlike mainstream lenders, they often have the flexibility and the advanced underwriting expertise to develop bespoke deals; therefore, a private bank mortgage may be the right option for clients whose financial affairs are not necessarily simple or straightforward. They are inclined to look at the bigger picture to find a solution that works for everyone.