In search of new business? Look no further than large loan opportunities, it’s a booming category for mortgage intermediaries and a sector we’re increasingly lending in.
As a building society based in the Home Counties we are experienced in providing £1m+ loans but this isn’t just a South-East phenomenon.
Would-be property owners purchasing in this price bracket are becoming common place around the country giving new opportunities for brokers. We’re providing large loans on properties throughout England and Wales.
Growth in million pound properties
Property experts Savills report a 40% rise in £1m-plus homes over three years, with 730,390 such homes now in Great Britain.
Over half (53%) of these properties are located outside of London. The £1m home market is now worth £1.43trn, with loans ranging from £1-2.5m commonly featuring in Harpenden Building Society’s lending activity and a category in which we anticipate continued growth.
Large loans – use an expert, specialist lender
Choosing the right lender, in an often multifaceted situation, is key to brokers securing the right mortgage solution for customers in this space.
Mainstream institutions don’t always look beyond their standard lending criteria so the complex incomes of many High Net Worth individuals, the typical purchasers of multi-million pound properties, may not fit their lending model and the application may be declined.
At Harpenden we have a long tradition of servicing the large loan market. As a specialist lender we don’t just provide value for money products but spend time assessing the complexities typically found in this type of mortgage application.
We look at cases on an individual basis and in our experience, it’s time well spent. Working through the analysis on a case and exploring all possible solutions, often creates a successful conclusion.
Jean Errington is business development manager at Harpenden Building Society