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Return to ‘old-fashioned underwriting’ with high net worth clients – Anderson Harris

  • 26/02/2019
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Return to ‘old-fashioned underwriting’ with high net worth clients – Anderson Harris
Brokers should not be intimated by working with high net worth clients but should be aware that it requires more time and a deeper understanding of the customer’s affairs, according to broker firm Anderson Harris.


Anderson Harris director Adrian Anderson highlighted that brokers need to ask more questions than they do with mainstream clients and they should be prepared for more complexity.

Speaking on Mortgage Solutions Television in association with Investec Private Bank, Anderson said: “High net worth clients’ requirements might be more complex and their financial circumstances and position can be more complicated.

“For high net worth clients, I ask even more questions than I would do if it was a simple retail smaller mortgage where we’re just ticking the boxes.”

However, Anderson said the solution could still be to place the case with the high street, adding that “mainstream high street lenders are geared up pretty well to lend to high net worth clients, so it’s not always going to be a private banking solution and the cheaper terms generally are often with the high street bank.”

He continued: “But really, it’s just about asking a few more questions around the client – do they have more than one income stream, do they have any other assets that they can potentially use to repay the mortgage or to service the mortgage?”

Anderson also explained that working with private banks can involve traditional-style holistic underwriting and require an in-depth knowledge of the customer’s situation.

“Most private banks don’t have published criteria around what they are exactly seeking, so we go back to old-fashioned underwriting where the bank will take a holistic view based on the clients’ overall wealth position and incomes,” he added.



You can see all the videos in this series by following this link.


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