The Times - Rise of the new private banking clubs
Being the owner of a private bank account used to be the preserve of the very wealthy, who enjoyed a raft of benefits as well as a coveted personal service from their very own banker.
Aaron Strutt, product manager at Trinity Financial, told The Times: “The private banks typically like lending to wealthier borrowers and for the right clients can use discretion to structure some of the more usual mortgages.
“They will often look at the overall wealth and incorporate their assets into the transaction. They are still subject to the strict rules under the Mortgage Market Review, but can do things the high street lenders can’t.
“Some of the high street banks have started to give the private banks competition and they are starting to lure their clients away with their low mortgage rates. That said, private banking clients often like the way they are treated and the personal service they get.”
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