Mortgage Information

How satisfied are you with the state of UK banks? Have you found that
you have been unable to borrow the level of mortgage that you need
because mainstream lenders simply have a tick box mentality with regard
to affordability criteria? Are you struggling to find a good home loan
deal at a favorable rate of interest? Are the stringent lending criteria
of the high street banks and building societies preventing you from
moving house?

If you have experienced any of these problems then you are not alone.
Research has revealed that the majority of high net worth customers
believe that the UK banking industry could provide a better service to
borrowers. High Net Worth individuals (HNWs) are those who earn over
300,000 per year or hold over 3 million pounds of assets.

So, if
you’re looking for better banking or lending, a private bank mortgage
or bank account may be the answer. Private bank mortgages offer a great
alternative to ‘tick-box’ focused lenders.

The research from
Duncan Lawrie Private Bank questioned 1,000 clients, all of whom hold
assets of over 250,000. The survey found that seven out of ten of these
high net worth finance clients believe the UK banking industry could do
better.

Around three quarters of respondents (76 per cent) to
this particular survey would prefer a more personalized service from
their banks. And, nearly one in ten said they have had their bank
accounts hacked. Of those people who were hacked, 18 per cent stated
that their bank did not recognize the change in spending habits that
should have flagged up a problem.

And it is not just the very
wealthy who have formed this opinion of banks. Mortgage Solutions has
reported that the banking sector has come under criticism in recent
years for its bonus culture, putting short-term profitability ahead of
customers and, more recently, the Libor-fixing scandal, which continues
to appear in the news long after it was first exposed.

As far as consumers are concerned the retail banking industry has
changed significantly in the last 30 to 40 years. Whilst bank customers
value the advantages of internet banking and mobile banking to help them
manage their accounts and finances more easily, they also wish for a
return to the traditional values that the banks once had as trusted
advisers who put the customers’ interests first. And this is why private
banks have increased in popularity.

As well as offering a
better banking service, private bank mortgages have also become more
popular, particularly among high value mortgage clients, in recent
years.Over the last few years, private banks have plugged a gap that has
been created by the reluctance of mainstream banks and building
societies to lend high value mortgages to high net worth clients.

Many London mortgage brokers have, during this period, built up strong
relationships with dozens of private banks in the UK and overseas. These
banks have an appetite to lend and are eager to offer their bespoke
services to high net worth mortgage clients.

High value mortgage
borrowers often have complicated income and property ownership
structures which fail to meet the ‘tick-box’ lending and affordability
criteria of mainstream banks.Private banks are much more likely to take
these factors into account and make a lending decision based on common
sense. They can offer flexible, tailored large mortgages and a level of
service which is demanded by high net worth clients.”