Family Building Society has launched a new interest roll-up mortgage specifically for high net worth (HNW) clients with significant assets and complex income structures. The new product provides access to substantial borrowing without the need for regular monthly payments.
Applicants can access borrowing of between £1m to £12.5m. They must have a net annual income of at least £300,000 or net assets of £3 million or more. Mortgage terms are capped at 10 years for properties worth up to £10 million and five years for higher-value properties. Loans offered where the maximum LTV is 65% based on the projected final loan balance at the end of the term.
The range is available for both residential and buy-to-let lending on properties located in England and Wales.
The product is supported by the lender’s service promise, which commits the Society to providing dedicated BDM, a specialist lending panel and a dedicated senior underwriter.
As no monthly mortgage payments are required, applications are not assessed using Family's standard affordability model. Instead, its underwriters take a case-by-case approach, considering the client’s credit profile, overall financial position, available assets and proposed repayment strategy.
Darren Deacon (pictured), head of intermediary sales at Family Building Society, commented: “We think this is a fabulous opportunity for brokers who have high net worth clients needing significant finance but whose assets may be tied up in illiquid pensions, properties or investments that they either cannot, or do not wish to, sell in the short term.
“Historically such borrowing facility has been the preserve of private banks, but with our intermediary reach and significant expertise in dealing with complex borrowing, it is the right time to make this product available to a much wider market.
“Our new service promise gives brokers greater confidence when placing complex High Net Worth cases, combining specialist underwriting expertise with a consistent, dedicated point of contact from application to completion. Designed to support brokers, whose clients have substantial assets and sophisticated financial needs, we provide a tailored, case-by-case approach where standard mortgage processes may not be appropriate. The result is a more personal, transparent and reassuring lending experience for brokers and their clients.”
