What 'large Mortgage' Clients Expect Of Mortgage Advisors
It is fair to comment that a high percentage of 'whole of market' mortgage advisors are averse to handling large mortgage applications.
The processing of a large mortgage is a specialist area and the relationship between the mortgage advisor and the lender is paramount; few mortgage advisors have the time or inclination to develop such relationships because they receive so few large mortgage applications.
With the mortgage market seeing more restrictions on lending than ever before, clients looking to borrow large sums of money are finding it harder to obtain the funding amounts they need. Many mainstream lenders have withdrawn from the 'large mortgage' market as they now prefer to spread their mortgage risk by processing a higher number of smaller mortgages.
This problem is, however, where one of the few brokers specialising in high-value mortgages can help.
Such a mortgage advisor will have excellent relationships with lenders and private banks who specialise in dealing with high value clients, delivering tailored solutions with highly competitive terms.
High Net Worth clients and their individual mortgage needs are all different, yet, they all have one thing in common ... they expect excellent service.
What should a 'high-value' mortgage client expect of their mortgage advisor?
- Access to lenders offering funding up to 50million and beyond
- Highly competitive rates from a range of lenders, including private banks
- Lending arranged on a case-by-case basis and tailored to each clients' individual needs
- Respect for their busy schedules
- Expertise and an excellent service from pre-application to completion
In addition, consideration should be given to
- Would there be an overall financial benefit to the client if their day-to-day banking arrangements were moved to the prospective mortgage provider?
- Could raising a larger deposit from an existing property portfolio achieve improved terms for the mortgage?
- Would 'offsetting' some of the client's savings against the mortgage be of financial benefit?
- If some flexibility is required by the client, would it be beneficial to have part of the borrowing on a separate mortgage product that has no early repayment penalty?
- Could other assets owned by the client be charged to the lender in order to achieve more favourable mortgage terms?
- If the client's income is not in Sterling, would a 'foreign currency mortgage' reduce any potential currency-risk?
Specialist mortgage advisors in this market will know that lenders of large-size mortgages have different mortgage underwriting criteria to mainstream lenders; those advisors will be able to speak directly with senior underwriting staff that can assess the case, often prior to an application.
Finally, a good mortgage advisor who does not have expertise or experience in this area will refer a high-value mortgage application to a specialist advisor, rather than try to muddle through and, as a consequence, lose or upset the potential client.
by: Nigel Osgood
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