The product is available to HNW borrowers with significant assets and complex income structures, allowing them to access borrowing without the need to make regular monthly payments.
Because no monthly mortgage payments are required, applications are assessed on a case-by-case basis, rather than the mutual’s standard affordability model. It will consider the borrower’s credit profile, overall financial position, available assets and proposed repayment strategy.
Applicants can obtain mortgages of £1m-12.5m and must have a net annual income of at least £300,000 or net assets of at least £3m. Mortgage terms are capped at 10 years for properties worth up to £10m and five years for higher-value properties.
Lending up to 65% loan to value (LTV) will be based on the projected final loan balance at the end of the term. The product is available for owner-occupier or buy-to-let (BTL) lending against properties in England and Wales.
Family Building Society will provide brokers with a dedicated business development manager (BDM), specialist lending panel and dedicated senior underwriter.
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The mutual will accept paper applications only.
Darren Deacon, head of intermediary sales at Family Building Society, said: “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.”
Deacon added: “Our new service promise gives brokers greater confidence when placing complex HNW 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.”
