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.
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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.
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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.
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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.