Mortgage applicants who may have substantial net worth locked up in residential property are not always able to release that capital easily. This may be because their income is limited or difficult to prove which means that these customers cannot pass affordability tests required by the Financial Conduct Authority (FCA).

Many of these applicants, however, qualify for an exemption from the regulatory rules provided that they can pass the High Net Worth test. This test defines a high net worth individual as someone with an annual net income of no less than £300,000 or with net assets of no less than £3,000,000.

We work with Castle Trust, a lender that is able to provide second charge loans to customers who qualify as high net worth for any purpose, up to 80% loan to value. Castle Trust will normally lend on a fixed rate basis and the interest can be repaid as a lump sum at redemption of the loan. This means there is no requirement to make monthly payments.

Loans are available for terms of 1 year to 5 years, there is no maximum age and the maximum loan size is circa £10 million. As every case is individually underwritten, Castle Trust is able to take a flexible approach to income and can also consider loans to expats, foreign nationals and non-domiciles.

If you are interested in this product, please do not hesitate to get in touch.