If you require a large mortgage – say £1m-plus – you may be able to get it from a high-street lender but the majority have a cut-off point around £2m. For larger-value mortgages, the private banks usually provide the answer. They have more sophisticated underwriting, often tailoring the product and rate to fit the individual. They usually want to establish a relationship with the borrower. Whereby you transfer assets under management (AUM) to them, although not all private banks insist upon this.
There are many private banks, some of which you may never have heard of. They all offer different lending solutions and target different clients. So if you need a mortgage from a private bank, you will need to go via a broker.
At AWS Financial Services, we have plenty of experience in arranging high-value mortgages with the private banks. We can advise on the right private bank to approach for your particular circumstances and the best way to structure your application.