Private Banks have always been seen as a something that is available to the ‘super wealthy’ and as such have not always been considered by many, when in fact you could be seen as a good candidate by the majority.
With the Banking industry as a whole trying to move away from their reliance on wholesale funding and returning to the core values of Banking; balance-book lending and knowing their clients, many Private banks are stealing a march on their high street rivals as they had never strayed from the model in the first place. With large deposit bases and a general disinterest in the high risk lending favoured by many in the past, these institutions now form a vital part of the lending landscape.
Typically these Banks are not ‘mortgage’ Banks, instead they see themselves as wealth managers looking for a more holistic relationship with their client base, and will therefore need additional reasons to see you as a client. However with poor returns on savings and many large firms closing down their final salary pension schemes, combined with the fact most Private Banks offer a range of investment vehicles and tools, along with Pension Advice and Management, it could be the ideal time to look at switching.
In general these institutions will be looking for a certain level of income and/or net worth but there are many institutions with many and varying criteria so it is not as exclusive as it once was, however due to the closer nature of the relationships that clients will experience through this medium, bespoke lending terms, cheaper than their high street compatriots, and a more flexible approach for those that they have a relationship with, are very welcome rewards in the current climate.
Contact us today to see if this is something that is suitable for you.