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16 Quai Jean-Charles Rey
Boulevard Plaza Tower 1
Burj Khalifa Street
Centre 5, The Esplanade
St Helier JE2 3BY
C/o Interis AG
Frequently Asked Questions
How does a mortgage work?
Most high-value property is too expensive for people to buy just using savings or cash. Buying in cash may also not be advantageous from a fiscal perspective or when it means you put all your money into a property but have no remaining liquidity. Mortgages are loans that lenders offer to allow individuals to borrow funds to buy a property if you can’t or don’t want to buy it outright. You repay the lender over several years.
For most mortgages, you will need to put down a cash deposit. You will owe the remaining amount to your lender, and you will repay the loan in monthly instalments over a set period (known as the loan term). If you cannot repay the loan, your lender can repossess your home.
What different types of mortgages are there?
For anyone looking for high-value mortgages (£1 million or more) or if you are a high-net-worth individual, there are lots of mortgages to choose from. The best mortgage for you will depend on your financial background, how much you want to borrow, the type of property you want to buy (e.g., residential, buy-to-let, second home) and your ambitions. Enness’ expert team of brokers will be able to talk you through your options, but high loan-to-value mortgages, million-pound-plus mortgages, buy-to-let mortgages, interest-only mortgages and equity release mortgages may all be options.
What type of properties will you lend on?
There are lenders for every type of property. As an independent broker specialising in high-value mortgages, Enness has access to more than 500 lenders. Enness has connections with lenders that specialise in every type of property including buy-to-let mortgages, commercial property purchases, property development, high-value mortgages, foreign national mortgages and non-resident mortgages and more. Your broker will source and negotiate the most competitive mortgage for you, whatever kind of property you are hoping to buy and however much you want to borrow.
How much can I borrow?
For most of the market, lenders will offer a maximum of 4.5 times a borrower’s income. Recently, some lenders have raised this to 5 or 5.5 times a borrower’s income, although this tends to be in exceptional cases for individuals who are not high-net-worth individuals but who have higher salaries. Lenders base the 4.5 times your salary calculation on what they believe most borrowers can comfortably afford in terms of repayments and limiting risk for all parties.
For high-net-worth individuals, there is more flexibility around what you can borrow, often with less emphasis on specific multiples of your income, provided the mortgage is clearly affordable. High-net-worth mortgages are available to anyone with an income of more than £300,000 or assets of more than £3 million (excluding the value of your principal residence). If you are eligible for a high-net-worth mortgage, you effectively opt-out of regulated oversight, which means lenders have much more flexibility in what they can offer you, affordability and so on. These mortgages are advantageous if you have significant wealth but comparatively little income, global assets, multiple income streams and so on. Overall, a high-net-worth mortgage makes it easier to borrow more based on your global wealth rather than your income in exclusivity.
Our Approach to New Requests and Clients
Step 1: First Contact
All first contacts are managed by a relationship manager who understands the market we operate in, can quickly see if we can help or not, and will match the client to the best possible broker based on their needs.
Step 2: Arranging a Meeting
The client will then speak to the broker at a time that suits them and over the most appropriate medium – we get this part arranged as fast as possible and can often happen instantly.
Step 3: Meeting your Broker
The broker will work quickly to understand the client’s position, background, circumstances and plans. At this stage, we will only talk and we won’t ask for paperwork or forms to be filled unless it is absolutely necessary.
Step 4: Discussing your Options
The broker will then explain what we think is possible (from the widest view of the market), what it will cost, what the process will be and what the risks or problems to be overcome are.
Step 5: Agreeing on your Mortgage
At this point, if the client is happy, we will set to work on agreeing on the mortgage terms in principle, assembling paperwork and documents to support the case, discussing the lending request with the correct people at the banks we think are best placed and doing as much as possible to ensure the first approach will work.
Step 6: Submitting your Application
Then, at this point, if the client wishes to proceed with a formal application, our fees are agreed and we set to work on the formal application.
Step 7: Closing the Deal
Through the entire process, we will be hands-on and pushing every detail to ensure the transaction is completed as cleanly and quickly as possible, managing all other parties in the process.