The Mayfair-based lender said the product was geared towards high net-worth homeowners who cannot remortgage as they will lose existing competitive deals secured through intermediaries, or those concerned about their ability to remortgage following the introduction of the mortgage market review.
Key facts:
Loans of between £60,000 and £1m provided
Typical LTV of up to 80 per cent and process completed within a week
HNW Lending also provides individual loans of between £60,000 and £1m against valuable assets such as classic cars, fine wines, jewellery and private jets.
HNW Lending’s research shows 38 per cent increase in the sale of £1m properties between 2012 and 2013.
Adviser verdict
Dominic Basilea, director of Herts-based Aqua Wealth Management, said: “I can see the benefit, especially high net-worth clients, if someone has an extremely low interest rate on their house. However, I need to understand what rates they would be getting on an unsecured basis, because if it is secured on a Bentley or private jet – an asset that can depreciate – what kind of rates are being offered and what are the terms?”
