As professional brokers with many years’ experience, since 1993 to be precise, in providing advice to those looking for large mortgage loans, and we are well aware of the idiosyncrasies of the property market at these levels.
Service, discretion and the ability to think outside the box are essential attributes for brokers working in this area.
We are aware that for some, a simple financing option is not enough. Many purchasers may be based overseas, or foreign nationals who wish to structure their finances through an offshore vehicle such as a Special Purpose Ltd. Company or Trust.
Many wish to borrow in another currency, or perhaps a range of currencies to make the most of Exchange Rate changes.
Large Mortgage Loan Brokers in London also need to be well-versed in the vast varieties of properties available. From swanky new build apartments in Docklands, large family homes in Chelsea, to converted period properties in Knightsbridge, or a Pied-à-terre or country retreat, there is a wealth of choice.
Some of our large mortgage lenders are better suited to lending on certain properties than others, and this knowledge is essential for all Mortgage Brokers in London.
Many canny investors also look at short-lease properties, and there are lenders who will look at financing these properties whether it is a qualifying lease, (a lease that was initially granted over 21 years), or not.
We specialise in all these areas and a whole host more. In fact, we don’t think there is a large loan you can challenge us with that we have not already financed.
Whether for a residential property, an investment opportunity, or a commercial property, we have been facilitating large mortgages for many years. In that time, we have developed extensive knowledge of the large loan arena and acquired valuable contacts at several of the world’s most prestigious private banks.
We understand that in this market, exceptional service and respectful discretion are essential. Because of our close relationships with several of the main private banks, you can be offered a “blank sheet of paper” approach to underwriting, as the bank treats every client as unique, designing a large mortgage product specific to your individual circumstances. You can be confident in receiving a product that is significantly better than those available on the wider market.
However you want to structure your large mortgage, we are able to assist. Company loans can be arranged through various international jurisdictions, whether it’s through the Channel Islands, BVI, or any other location. We can also cater for complex trust structures. So, if your mortgage is offshore, through a limited company/trust or in another currency, we will be glad to help.
While mainstream lenders have made steady inroads into the large loan market in recent years, there are still several reasons why Private Banks remain a good choice for many borrowers. Mainstream lender options are thin on the ground above loan sizes of £3m, while the relatively complicated income streams of High-Net-Worth borrowers often means only Private Banks can stretch to the loan sizes required.
The world of Private Banking is far from static with new entrants, criteria and regulation affecting this segment of the market as much as any other. We are always in touch with our Private Bank partners, keeping abreast of changes in the market, individual lender criteria, as well as tracking new entrants to the large loan market.
When dealing with Private Banks, you may be familiar hearing the terms ‘Assets Under Management’ (AUM), ‘Ongoing Client Relationship, and ‘Wider Business’. However, it is not always the case that clients must meet a certain minimum requirement of AUM to be eligible for a Private Bank as they become increasingly innovative in their client approach. Indeed, such lenders can now be split broadly into three types; those who demand AUM on day one of the loan, those prepared to look at client potential and other ways of earning additional income, and a number who do not require any wider business and will proceed based on the loan itself (a ‘dry lend’).
Foreign Currency Earnings
The European Mortgage Credit Directive, (MCD) bought with it in March 2016 a significant change in the rules around ‘Foreign Currency Mortgages’. This legislation defined these as a mortgage where any part of the income used to justify affordability, or any part of the repayment method, is in a currency different to that of the mortgage. Crucially, this applies to income denominated in a foreign currency at any stage, even if it is paid to the employee in pounds.
Therefore, an executive at a US Investment Bank whose bonus is denominated in US dollars before being converted and paid in pounds, is still deemed to earn that part of their income in a foreign currency. Under the new regulation, lenders are obliged to monitor this currency risk for any such borrowers, and therefore the majority of mainstream lenders will not accept such ‘Foreign Currency Income’ when assessing a borrowers’ affordability.
Private Banks however are well versed in monitoring exchange rate exposure for clients, largely on the wealth management side, and have been able to adapt to the MCD regulations seamlessly. They have therefore become an increasingly important option for a whole host of Investment Bankers, Lawyers and indeed any executives working for large, multi-national companies who are looking for large mortgages.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.
A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances.
A typical fee is £495.
We know you’re curious so we’ve picked out some of today’s best mortgage rates to give you an idea which lenders and interest rates could be available to you.
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