Due to house price increases, larger loans are not a rarity today. There are more options to secure a £2 million mortgage, such as through high street lenders or private banks. Many high street lenders have specialist large loan teams who can assist with mortgages above £1 million. These underwriters have experience in dealing with high net worth (HNW) clients. However, it can be difficult to find the most competitive mortgage terms alone. Fortunately, Magni Finance is an HNW broker who can help access these.
We look at a client’s overall circumstances to find the best lender. Though a mainstream lender may consider larger loans, they are unlikely to accept non-standard forms of income as they are complex and require specialist understanding. However, private banks take into account other sources of income, such as:
- Vested stock bonuses
- Stock portfolios (onshore and offshore)
- Foreign income
- Income from royalties and trusts
- Global assets
Generally, clients tend to be considered “high net worth individuals” when securing mortgages worth over £2 million in the UK. A high net worth individual, in short, is someone who earns above the threshold of £300,000 per year or someone that withholds net assets of £3 million+.
However, because Magni Finance has over two decades of experience dealing with various clients and backgrounds, we can negotiate a mortgage even in the most complex of financial cases.