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High Net Worth Mortgage Brokers

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: February 25, 2022

It’s incredibly difficult to secure a high net worth mortgage if you go it alone. Many of the lenders who work in this corner of the market work exclusively through intermediaries, but the good news is that there are brokers who can quickly introduce you to them.

In this guide, we’ll explain how to find a broker who specialises in high net worth mortgages, what kind of fees they charge, and how they’ll go about finding you a better deal.

If you’re ready to get started with a high net worth mortgage broker, make an enquiry with us and we’ll match you with an advisor based on your needs and circumstances.

What is a high net worth mortgage broker?

A high net worth mortgage broker is an advisor who specialises in arranging mortgages for high net worth individuals. Their services in this sector of the industry are essential, as many of the lenders who offer these mortgages only operate through intermediaries.

Sometimes referred to as private brokers, these advisors work exclusively with people who have high net worth exemption, i.e. those with an annual net income of £300,000 or assets worth £3 million or more. They have a deep understanding of this type of borrower’s needs and are best placed to help them get the most favourable mortgage deal available.

Most high net worth mortgage brokers will only work with you if the finance you’re applying for is worth at least £1 million, although there can be some flexibility on this.

How to find a high net worth mortgage broker

The right one for you can be tough to find as they all tend to have specific areas of expertise within the private lending arena, but we’re here to help. Follow these quick and easy steps to get matched with your ideal high net worth mortgage broker today…

  1. Have the right documents to hand: This will help speed up the process once you get started with your broker. You’ll need proof of your high net worth exemption status and should complete an assets and liabilities statement before you apply. You’ll also need the generic paperwork for a mortgage application – see our complete guide to mortgage applications for a full list of the documentation required.
  2. Make an enquiry with us: We offer a free broker-matching service that will quickly assess your needs and requirements to align them with a high net mortgage expert from our vast network of advisors. We’ll pair you with the right broker today.
  3. Let your broker take things from here: The next step is simply to hold a no-obligation chat with your broker so they can outline all of your options. You can take a breather from here as your advisor will take the lead on the mortgage process. They will search through their extensive list of private lender contacts and compare the options available to you before negotiating the best rates with the ideal lender.
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Why would you need one?

You’ll need a private mortgage broker if you want to take advantage of high net worth exemption when applying for a mortgage or a similar financial product, like a bridging loan. Most lenders who offer this type of finance won’t deal with the public directly.

While high net worth brokers are essential for this reason, there are other benefits to using one.

A private mortgage advisor will offer the following services…

  • Negotiation: High net worth mortgages are offered on a case-by-case basis and there is more flexibility to negotiate rates on a bespoke basis. A broker will take the lead on these negotiations and boost your chances of landing a good deal.
  • Bespoke advice: Private mortgage brokers understand complex income types and the needs of high net worth individuals. They can advise you on what mortgage type is the best fit for your requirements and help you make your wealth go further.
  • Flexible ways to borrow: Through a broker, people with complex financial circumstances can find new ways to borrow that simply aren’t possible on the high street. For example, those who are cash poor but asset rich can potentially secure mortgages against their valuable assets, such as stocks and shares portfolios.
  • Access to the whole market: With a private broker’s expertise on your side, you won’t just have access to a select few private lenders. They have access to the entire high net worth market, including the private arms of high street banks such as HSBC. They can compare the deals you’d be offered by mainstream lenders with what you could qualify for from a specialist provider to make sure you get the best rate.
  • Ongoing advice and support: Most high net worth mortgages are offered on a short-term, renewable basis but your broker will keep in touch to make sure your needs continue to be met and ensure you get the best deal when the time comes to remortgage.

While providing these services, a high net worth mortgage broker can offer you complete discretion and confidentiality while negotiating with mortgage lenders on your behalf.

Can you still get the best rates without one?

This is unlikely as most private lenders won’t even speak to a customer without an intermediary to act as a go-between. Even if you are able to secure a consultation with the private arm of a mainstream bank, you’d be limiting yourself to just one of many options.

A good high net worth mortgage broker will have access to all of the lenders in this sector and contacts in the private divisions of high street banks. This means that you’ll have a much wider range of options to choose from, increasing your chances of landing favourable rates.

Moreover, your advisor’s deep working relationships with these lenders could prove to be the key to negotiating a bespoke deal. Private mortgage lenders are more likely to offer a low interest rate to a customer who’s using an intermediary they know and trust.

What to look for in an advisor

You’ll want to be confident that your broker is best placed to help you secure a private mortgage that fits your requirements.

Ideally, they should have the following attributes…

  • The right connections: A good high net worth broker has access to private lending options across the length and breadth of the market, including connections with private lenders as well as the private arms of mainstream banks.
  • A strong track record: Not just with any clients, specifically with high net worth individuals. Only a broker with a track record of helping high net worth customers will fully understand their needs, income types and mortgage prospects.
  • The proper credentials: All good brokers, high net worth or otherwise, must hold an industry-accredited qualification, such as ceMAP or equivalent.
  • A success-only model: Be wary of brokers with high upfront fees that are non-refundable. Brokers should only be paid if they get you the mortgage you need and should refund any fees paid in advance if your requirements aren’t met.
  • Discretion and confidentiality: This can be extremely important in the high net worth space. A private broker should be able to offer heightened confidentiality and discretion, if your needs and profile call for this.

We have amassed a network of private mortgage brokers and carry our rigorous checks to make sure they tick all of the above boxes and can offer a five-star service to our customers.

How much will their services cost?

High net worth mortgage brokers charge a fee based on a percentage of the loan, which is usually anything up to 1%. The exact percentage they use will be determined on a case-by-case basis, based on the level of complexity and risk involved in the deal.

The brokers we work with must agree to our fair-fee policy, which means they will refund any upfront charges if they fail to get you a mortgage.

Although advisors usually charge a fee, our matching service is free. You won’t be charged a penny to be introduced to your ideal private mortgage broker, and the amount they could potentially save you in the long run will likely mean you’re in pocket overall.

Key takeaways from this guide

  • 01

    You’re unlikely to get a private mortgage without a broker:

    Most high net worth mortgage lenders only offer finance through intermediaries and won’t deal with members of the public directly.
  • 02

    We can match you with the broker you need:

    There are brokers who specialise in private mortgages in our network, and our advisor-matching service can pair you with one based on your needs, circumstances and income/asset type.
  • 03

    Your broker will secure the best deal for you:

    You won’t have to lift a finger while your broker negotiates with high net worth lenders and the private arms of mainstream banks to secure the best deal for you - make an enquiry to get started.

FAQs

What else can a high net worth mortgage broker help me with?

In addition to high value residential mortgages, a high net worth broker can also arrange private commercial mortgages, large bridging loans, multi-million pound development finance agreements, and other financial products, such as high net worth insurance.

Does a private broker offer out-of-hours support?

Yes, within reason. The brokers we work with will always try to offer flexibility and meet the client’s needs. If, for example, you’re based overseas and aren’t available during UK office hours, your advisor will aim to support you by being on hand when it’s convenient for you.

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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