FBS launches High Net Worth Interest Roll-Up Mortgage

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.

Darren Deacon, Head of Intermediary Sales, 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.”

Applicants can access borrowings 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 product is supported by Family Building Society’s ‘Service Promise’ which commits the society to providing dedicated BDM, a specialist lending panel and a dedicated senior underwriter.

Deacon continued, “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.”

Key features:

• No mandatory monthly mortgage repayments
• Available for Owner Occupier and Buy to Let lending
• Suitable for properties located in England and Wales
• Dedicated Senior Underwriter assigned from application to completion, providing a consistent point of contact throughout the application journey
• As no monthly mortgage payments are required, applications are not assessed using our standard affordability model. Instead, our experienced underwriters take a case-by-case approach, considering the client’s credit profile, overall financial position, available assets and proposed repayment strategy
• By application only.

See full details of the HNW product.