According to the FCA, a high net worth mortgage is a client who has an annual net income of no less than £300,000 or net assets of no less than £3,000,000, or whose obligations are guaranteed by a person with an income or assets of such amount.
HNW mortgages are designed to cater for complex income structures, whether that income is derived in the UK or overseas. There may be scenarios where the client is asset rich but has little provable income. It is possible to arrange funding for individuals with these types of scenarios, if we can demonstrate the client owns other assets which could be used to repay the loan or we can give the lender comfort around the background of the client and the ability to repay or service the debt. This could be prepaying the interest for a set period of the loan term or pledging further assets with the bank. CPF are on hand to help with these types of scenarios.