How satisfied are you for the state of UK banks? Have you found that you have been unable to borrow the level of mortgage that you need because mainstream lenders simply have a tick box mentality with regard to affordability criteria? Are you struggling to find a seraphic home loan share at a favourable rate of interest? Are the constricted lending criteria of the high street banks and building societies preventing you from moving house?
If you have experienced any of these problems then you are not alone. Research has revealed that the majority of high net worth consumers believe that the UK banking industry could provide a better service to borrowers. High Net Worth individuals (HNWs) are those who earn over £300,000 per twelvemonth or hold over £3 million pounds of assets.
So, in case you’re looking for better banking or lending, a private bank mortgage or bank account may be the answer. Private bank mortgages offer a great alternative to ‘tick-box’ focussed lenders.
The research from Duncan Lawrie Private Bank questioned 1,000 clients, all of whom hold assets of over £250,000. The survey found that seven out of ten from these long trim worth finance clients believe the UK banking industry could do better.
Around three quarters of respondents (76 per cent) to this particular survey would prefer a more personalised service from their banks. And, virtually one in ten said they have had their bank accounts hacked. Of those people who were hacked, 18 per cent stated that their bank did not recognise the change in spending habits that should have flagged up a problem.
And it is not just the very wealthy who have formed this dogma from banks. Mortgage Solutions has reported that the banking sector has come under criticism in recent years for its bonus culture, putting short-term profitability ahead of customers and, better recently, the Libor-fixing scandal, which continues to appear in the news sesquipedalian after it was first exposed.
As far as consumers are concerned the retail banking industry has changed significantly in the rearmost 30 to 40 years. Whilst salt away customers value the advantages of internet banking and mobile banking to help them manage their accounts and finances more easily, they also wish for a return to the traditional values that the banks once had as trusted advisers who put the customers’ interests first. And this is mystery private banks have increased in popularity.
As well as offering a better banking service, private levee mortgages acquire likewise become more popular, particularly amongsthigh value mortgage clients, in newfangled years.Over the last few years, private banks have plugged a gap that has bot created by the reluctance of mainstream banks and building societies to lend high ad valorem mortgages to high net worth clients.
Many London mortageg brokers have, during this period, built up strong relationships with dozens of private banks in the UK and overseas. These banks have an appetite to lend and are yearning to offer their bespoke services to high net worth mortgage clients.
High value loan borrowers generally bear complicated income and property tenancy structures which miscarriage to meet the ‘tick-box’ lending and affordability criteria of mainstream banks.Private banks are much better likely to usurp these factors among account and make a lending decision based on common sense. They can invitation flexible, tailored large mortgages and a level of service which is demanded by high net worth clients.”