High net worth mortgage brokers

A high net worth mortgage broker arranges mortgages for borrowers with large loans, complex income or significant assets. They review the borrower's position, identify lenders whose criteria fit, present the case to those lenders' underwriters and manage the application through to offer. Many large loan lenders work mainly or only through brokers.

Because cases are underwritten by hand, the way a case is presented matters. A broker experienced in this market knows how different lenders treat bonuses, retained profits, investment income and overseas earnings, and can set out the case so the underwriter has what it needs from the start.

HNW mortgage brokers also help compare offers that are not like for like. Private banks may attach conditions such as holding assets with them, while specialist lenders may price differently for interest-only or high loan-to-value cases.

High net worth mortgage brokers usually work with private banks, specialist lenders and the large loan or premier teams of high street lenders. Some brokers have access to lenders that do not deal with the public directly, and many have established contacts with underwriters, which can help when a case needs explaining.

Brokers differ in how much of the market they cover. Some are whole of market, while others work with a selected panel of lenders. Borrowers can ask which lenders a broker uses for large loans and whether the firm is restricted in any way.

A private bank mortgage broker may also introduce clients to banking and investment services, but the mortgage decision remains with the lender.

High net worth mortgage brokers charge in different ways. Some take a fee from the borrower, which may be a fixed sum or a percentage of the loan, while others are paid by the lender or use a mix of both. The broker must tell the borrower how it is paid before any work begins.

Fees on large loans can be significant in cash terms, so it helps to ask when the fee is due, whether any part is refundable if the case does not complete and what the payment from the lender will be.

The option with the smallest fee is not always the one with the smallest overall cost once the lender's terms, fees and any conditions on the relationship are included.

Choosing a high net worth mortgage broker comes down to experience with similar cases, the lenders they can reach, how they charge and how they communicate. Borrowers can ask how many large or complex cases the broker arranges, which lenders they use most often and how they would present the case.

Checks worth making include confirming the firm and adviser appear on the FCA Register, asking whether the firm is whole of market for large loans and getting the fee terms in writing. A high net worth mortgage advisor should explain the reasons behind any lender they put forward.

Large mortgage brokers in the UK range from small specialist firms to teams within larger groups. High net worth mortgage brokers in London handle many prime property cases, but large loans are arranged across the country, and much of the work can be done remotely. The broker directory lists FCA-regulated brokers by specialism and area.

Working with a broker on a large loan usually starts with a discussion of the borrower's income, assets, the property and the purpose of the loan. The broker then gathers documents, sounds out suitable lenders and returns with indicative terms before a full application is made.

Good preparation helps. Recent accounts, tax returns, investment statements, proof of deposit and an explanation of any unusual income or ownership structures allow the broker to present the case clearly.

Brokers can also coordinate with accountants, solicitors and wealth managers where a case involves trusts, companies or overseas assets. How lenders approach the wider market is covered in the guide to high net worth mortgages.