Although people with a high net worth think that being approved for a mortgage will be an easy task, it is actually very common for people to be turned away. One of the largest reasons for being turned down is that some high net worth individuals have irregular income. This makes it harder to qualify for a regular loan. There are, however, mortgage specialists who are able to provide mortgages for these types of individuals.
Key Takeaways:
- Ever since the global economic crisis of 2008, lenders have become more cautious about who they will lend money to.
- High net worth individuals often have irregular sources of income, or even no source of income.
- The wealth and assets of high net worth individuals could be spread across geographic territories, or entangled in complicated ways.
“Even wealthy people require mortgages, but they often find it difficult to secure housing finance. Alpa Bhakta, CEO of Butterfield Mortgages Limited, explains the complexity of high net-worth lending”