According to Paradigm, from today, selected member firms will be able to introduce any suitable high net worth clients to Hampden & Co, to access its range of bespoke lending products covering both residential and buy-to-let mortgages.
The bank currently lends to individuals, families and commercial entities such as limited companies, partnerships and trusts.
Hampden & Co lends on UK property to those resident in this country and those who have a current account with the bank; loans available include:
• Residential mortgages – both repayment and interest-only.
• Buy-to-let mortgages.
• Holiday let mortgages – for those with property rental businesses.
• Property loans – lending to fund the purchase of one property, where the borrowing is secured on a separate property.
• Family (Guarantor) mortgages.
The bank does not lend based on income multiples or via computer-based models; it looks at each individual, understands that wealthy individuals can have income from multiple sources and maintains a flexible approach when assessing affordability.
As well as salaried income, Hampden & Co also takes into account: pension income, property rental, investment and dividend income, director fees and income from Lloyd’s insurance activities.
One of the bank’s key requirements is that its banking staff meet with all prospective clients so that a full affordability assessment can be undertaken, and in order that suitable advice can be given where applicable.
John Coffield, Head of Paradigm Mortgage Services, commented: “Hampden & Co offers a bespoke lending service to clients and this new arrangement allows selected Paradigm member firms to introduce suitable clients to the bank in order to access its product range. As in the main market, there is an increasing complexity to many borrowers’ income sources – especially the case for wealthy individuals – and it’s important they work with lenders and banks that understand the need for a bespoke lending service.
We understand that advisers who have access to these types of clients might be willing and able to introduce them to Hampden & Co, in order that they can benefit from the services on offer, especially if they are looking for larger loans and want a tailor-made offering. Therefore we have partnered with Hampden & Co to deliver a unique and bespoke offering to selected members.”
Graeme Hartop, Chief Executive of Hampden & Co, said: “We are delighted to be working with Paradigm and their mortgage intermediaries. Hampden & Co provides lending solutions to wealthy clients with more complex financial arrangements. All borrowing requests are dealt with on an individual basis and decisions made by our in-house experts.”
